Peltz joins Legg Mason board as Trian buys stake

[October 26, 2009]  NEW YORK (AP) -- Legg Mason Inc. said Monday that billionaire investor Nelson Peltz will join the asset manager's board after his investment firm amassed a 4.3 percent stake in the company.

Peltz is the CEO and a founding partner of Trian Fund Management LP, which has a stake in the Wendy's burger chain. Peltz, known as an activist investor, is also on the board of foodmaker H.J. Heinz.

Legg Mason said Peltz's addition is part of an agreement between itself and Trian and that Trian has also agreed to vote its shares in favor of Legg Mason's director nominees. It plans to elect Peltz to the board on Tuesday.

The appointment expands the Legg Mason board to 14 directors, 13 of whom are independent.

Legg Mason, an asset manager based in Baltimore, manages $703 billion in assets and posted a second-quarter profit last week.

[Associated Press]

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