Activist Investor Nelson Peltz Resigns From Legg Mason Board

(RTTNews) - Asset management firm Legg Mason Inc. (LM) announced Monday that Nelson Peltz, Chief Executive Officer and a founding partner of Trian Fund Management, L.P., has informed the Company of his resignation from the Company's Board of Directors, effective immediately, to devote more time to other commitments, including service on current and future boards. Peltz was Chairman of Legg Mason's Nominating & Corporate Governance Committee.

Peltz has served on Legg Mason's Board since October 2009 During that time period, Legg Mason has made senior management and Board changes and has significantly reduced overhead, increased cash flow and returned more than $2 billion of capital to shareholders.

"Nelson has been a great partner for me and an important contributor to our turnaround efforts. We greatly appreciate Nelson's candor, insights and experience and are very pleased with the meaningful progress we have made to reshape the Company since he joined the Board five years ago," said Joseph Sullivan, Chairman and CEO.

Trian Fund Management, L.P. currently beneficially owns approximately 11.3% of Legg Mason's outstanding shares.