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Bank of New York Mellon said it elected Ed Garden, a founding partner of activist investor Trian Fund Management LP, to its board.
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The investment firm, founded by Nelson Peltz, Peter May and Garden in 2005, is known for pressing for change at companies in which it invests.
Trian said in June that it had built a $1 billion stake in BNY Mellon, according to filings with the U.S. Securities and Exchange Commission. As of Sept. 30, it owned a 2.57 pct stake in the bank.
The investor has not made any public demands but has privately urged the bank to cut costs, the Wall Street Journal reported, citing people familiar with the matter.
The addition of Garden, also the chief investment officer of Trian, increases the size of BNY Mellon’s board to 14, 13 of whom are independent.
Garden, who also serves on the boards of Wendy’s Co and Family Dollar Stores Inc , will join the human resources & compensation committee and the risk committee of BNY Mellon’s board.
The announcement comes days after activist hedge fund Marcato Capital Management disclosed a 1.6 percent stake in BNY Mellon.
BNY Mellon’s shares were up about 0.6 percent at $39.80 in early trading. Up to Monday’s close, the stock had gained about 13.3 percent this year.
