Legg Mason agrees to add Nelson Peltz to expanded board of directors

By Lisa Kerner

Charlotte, N.C., Oct. 26 - Legg Mason, Inc. announced it will expand its board of directors to 14 members and elect Nelson Peltz, chief executive officer and a founding partner of Trian Fund Management, LP, to the newly created vacancy on Tuesday.

Peltz's addition to the board is part of an agreement between the shareholder and Legg Mason.

Trian, for its part, agreed to vote its shares in favor of Legg Mason's director nominees, according to a Legg Mason news release.

Trian owns 6,946,756 shares, or approximately 4.3%, of the Baltimore-based asset management firm's outstanding stock.

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