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Trian Fund Management secured Board seats in Invesco Ltd (IVZ)

Key Summary: On October 2, 2020, Trian Fund Management disclosed a 9.9% stake and indicated ongoing discussions with management and the Board regarding strategic initiatives to generate value, requesting the Board's expansion to include partners Nelson Peltz and Ed Garden. On November 4, 2020, the company increased its Board from nine to twelve directors, appointing Peltz and Garden as directors effective immediately, with plans to include them in the slate of nominees for the May 2021 annual meeting. Additionally, a third independent director was appointed to fill a vacancy by December 1, 2020, with Peltz joining the Nomination & Corporate Governance Committee and Garden serving on both the Nomination & Corporate Governance Committee and the Compensation Committee.

 

Market Cap: $6.6 billion | Invesco Ltd. is a publicly owned investment manager. The firm provides its services to retail clients, institutional clients, high-net worth clients, public entities, corporations, unions, non-profit organizations, endowments, foundations, pension funds, financial institutions, and sovereign wealth funds.

 

  • On October 2, 2020, Trian Fund Management disclosed a 9.9% stake and stated that it had engaged in discussions with management and intended to continue these discussions with the Board and/or management regarding various strategic and operational initiatives that could generate value. During the meeting, Trian Fund Management requested that the Board be expanded to include Trian partners Nelson Peltz and Ed Garden and also discussed Board refreshment. Trian Fund Management stated that it intends to further discuss with the Board and/or management and may encourage the company to explore certain strategic combinations. Source  

  • On November 4, 2020, the company increased the size of its Board from nine to twelve directors and appointed Nelson Peltz, CEO and a Founding Partner of Trian Management, and Ed Garden, CIO and a Founding Partner of Trian Management, as directors, effective immediately. The company has agreed to include Mr. Peltz and Mr. Garden on its slate of director nominees in its proxy statement for the annual meeting of shareholders in May 2021. Also on November 4, 2020, the company appointed a third independent director to fill the remaining vacancy on the Board as of December 1, 2020. The Board has appointed Mr. Peltz to the Nomination & Corporate Governance Committee and Mr. Garden to both the Nomination & Corporate Governance Committee and the Compensation Committee.. Source

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