(Reuters) - Legg Mason Inc said on Monday it had appointed Trian Fund Management LP’s Nelson Peltz and Ed Garden as directors, raising the size of its board to 12 members.
The move comes days after reports that Trian, which has a 4.5% stake in Legg Mason, might push for changes at the mutual fund company to boost returns.
Trian will identify a third independent director to be nominated at the company’s annual meeting of shareholders, the company said in a statement.
They will replace three outgoing directors, two of whom have reached the age of retirement according to company guidelines.
As part of an ongoing board overhaul, two additional directors will also be elected, the company said.