Legg Mason Inc. expanded its board size to 12 from 10 with the addition of Nelson Peltz and Edward Garden as directors, effective immediately.
Peltz is the CEO and a founding partner, and Garden is the chief investment officer and a founding partner of Trian Fund Management LP, which owns about 4.5% of Legg Mason's outstanding common stock.
In addition, Trian will identify a third independent director candidate, to be approved by Legg Mason's board, who will be added as a director nominee at the company's 2019 annual stockholders meeting. Legg Mason will also appoint or nominate for election at least two additional independent candidates.
The three new directors will replace three incumbent Legg Mason directors, two of whom have reached the retirement age guidelines.