Legg Mason (LM +3.3%) will name activist investor Nelson Peltz to its board after he quietly...

|About: Legg Mason Inc. (LM)|By:, SA News Editor

Legg Mason (LM +3.3%) will name activist investor Nelson Peltz to its board after he quietly accumulated a 4.3% stake. In exchange for the board seat, Peltz's Trian will agree to accumulate no more than 9.9% of the company over the next two years, and will vote its share in favor of the company's slate of nominees during that period. Read Legg Mason's statement.