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Monday, December 1, 2014

Nelson Peltz resigns from Legg Mason board, (NYSE: LM)

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.

Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM fell by 1.25% or $-0.71/share to $56.04. In the past year, the shares have traded as low as $38.15 and as high as $57.15. On average, 1075150 shares of LM exchange hands on a given day and today's volume is recorded at 950956.