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Activist investor resigns from Legg Mason's board
Activist investor resigns from Legg Mason's board

Nelson Peltz, a billionaire investor known for pushing his way onto the boards of corporations in need of a turnaround and advocating for change, resigned from Legg Mason's board of directors Monday after serving five years. Peltz, the CEO and a founding partner of Trian Fund Management, an activist investment firm based in New York, joined Legg Mason's board in October 2009 at a time when the Baltimore-based money manager was struggling amid the recession after the near-collapse of the financial system the year before. During his tenure, Legg increased cash flow and returned more than $2 billion of capital to shareholders while replacing CEO Mark Fetting with current leader...