Legg Mason Confirms Board Agreement With Trian -- Update
May 20 2019 - 6:21PM
Dow Jones News
By Josh Beckerman
Legg Mason Inc. (LM) confirmed that it reached an agreement with
Trian Fund Management LP on the composition of its board, naming
Nelson Peltz and Ed Garden as directors.
The Wall Street Journal reported Friday that Legg Mason and
Trian were near an agreement.
Trian owns about a 4.5% Legg Mason stake.
The money manager said Trian also will identify a third
independent director candidate who, following board approval, will
be included as a Legg Mason nominee.
Mr. Garden is stepping down from the board of Bank of New York
Mellon Corp. (BK).
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
May 20, 2019 18:06 ET (22:06 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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