December 1, 2014 / 11:46 PM / 4 years ago

Nelson Peltz resigns from Legg Mason board

Dec 1 (Reuters) - Activist investor Nelson Peltz resigned from the board at Legg Mason Inc to focus on other commitments, the asset manager said on Monday.

Peltz, Chief Executive and a founding partner of Trian Fund Management LP, was chairman of Legg Mason’s corporate governance committee. His resignation will be effective immediately.

Peltz, who had served on Legg Mason’s board since October 2009, is credited with helping the company’s turnaround to move beyond a long period of net quarterly withdrawals by customers.

Under Chief Executive Joseph Sullivan, who took charge in February 2013, Legg Mason has sold several businesses, created new products and bought other small investment firms.

“Trian is very pleased with Legg Mason’s growth and development,” Peltz said in a statement.

Trian owns about 11.3 percent of Legg Mason’s outstanding shares.

“We currently expect to remain an engaged shareholder for the foreseeable future,” he said. (Reporting by Amrutha Gayathri in Bangalore; editing by Gunna Dickson)

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