Peltz Joins Legg Mason Board As Trian Buys Stake

STEPHEN BERNARD

NEW YORK (AP) — Billionaire investor and activist shareholder Nelson Peltz is joining the board of directors of asset manager Legg Mason Inc.

Legg Mason, based in Baltimore, said Monday it was adding Peltz — known for his investments in consumer businesses like the Wendy's burger chain and foodmaker H.J. Heinz — after Peltz's company, Trian Fund Management LP, accumulated a 4.3 percent stake in Legg Mason.

Shares of Legg Mason lost 18 cents to close at $31.72 in Monday trading. Shares have traded between $10.35 and $33.70 during the past year.

Peltz is the CEO and a founding partner of Trian, which holds a stake in Wendy's. Peltz is on Heinz's board of directors.

He previously served as chairman and CEO of Triarc Cos., which owned Arby's Restaurant Group Inc. Triarc acquired Wendy's last year and the company was renamed Wendy's/Arby's Group Inc. The company had previously also owned a stake in the Snapple Beverage Group as well.

Legg Mason said Peltz's addition is part of an agreement between itself and Trian. As part of the deal, Trian agreed not to acquire any more than a 9.9 percent stake in Legg Mason. Trian will also vote its shares in favor of Legg Mason's director nominees.