{"id":32753,"date":"2009-10-26T06:57:12","date_gmt":"2009-10-26T10:57:12","guid":{"rendered":"http:\/\/www.pehub.com\/?p=53695"},"modified":"2009-10-26T06:57:12","modified_gmt":"2009-10-26T10:57:12","slug":"nelson-peltz-joining-legg-mason-board","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/32753","title":{"rendered":"Nelson Peltz Joining Legg Mason Board"},"content":{"rendered":"

(Reuters) – Billionaire activist investor Nelson Peltz will be elected to Legg Mason Inc’s (LM.N) board, the U.S. asset manager said on Monday, in a move that would avoid a proxy fight for the next two years.<\/p>\n

Peltz’s Trian Fund Management and Legg Mason agreed to a pact where the fund will not accumulate more than 9.9 percent of Legg stock for the next two years, Legg Mason spokeswoman Mary Athridge said by phone.<\/p>\n

Trian holds about 6.94 million shares, or 4.3 percent, in the asset manager, Legg Mason said in a statement.<\/p>\n

“We welcome Nelson, whose firm is a significant investor in Legg Mason,” Chief Executive Mark Fetting said in the statement. “We look forward to benefiting from his insights and experience.”<\/p>\n

Legg Mason said Peltz’s appointment reflects an agreement between the asset manager and Trian.<\/p>\n

In June, shares of Legg Mason rose more than 10 percent on a single day after a British newspaper reported the Baltimore-based asset manager, home of famed fund manager Bill Miller, could face a shareholder challenge from Peltz. [ID:nN24222737]<\/p>\n

Peltz is known for his bruising battles with corporate management, including his 2007 fight with Cadbury Schweppes that resulted in it spinning off a beverage division.<\/p>\n

Legg spokeswoman Athrdige confirmed to Reuters a Wall Street Journal report that said Trian has also agreed to vote in favour of Legg Mason’s board nominees over the next two years.<\/p>\n

Trian agreed not to do “things that could initiate a proxy fight,” Athridge said.<\/p>\n

By Ajay Kamalakaran
\n(Editing by Muralikumar Anantharaman)<\/p>\n

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(Reuters) – Billionaire activist investor Nelson Peltz will be elected to Legg Mason Inc’s (LM.N) board, the U.S. asset manager said on Monday, in a move that would avoid a proxy fight for the next two years. Peltz’s Trian Fund Management and Legg Mason agreed to a pact where the fund will not accumulate more […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-32753","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/32753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=32753"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/32753\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=32753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=32753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=32753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}