BNY Mellon has elected a co-founder of activist investment firm Trian Fund Management to its board of directors.
Ed Garden, chief investment officer and a founding partner of Trian, joins effective immediately.
“We have had valuable discussions with Ed and Trian over the past several months about our progress toward improving our financial performance and capitalizing on the expanding opportunities in the markets we serve,” says BNY Mellon chairman and CEO Gerald L. Hassell.
Trian has a stake of about 2.6% in BNY Mellon.
“At its recent investor meeting, BNY Mellon set a number of financial goals to be achieved from 2015 through 2017, and I look forward to working closely and constructively with Gerald and the board to execute on these goals,” Garden explains.
Founded in 2005, Trian seeks to invest in high-quality but undervalued and underperforming public companies and to work constructively with the management and boards of those companies to significantly enhance shareholder value.