With the addition of Garden, BNY Mellon's Board will have 14 directors, 13 of whom are independent. Garden will also be included in the company's slate of nominees for election to the Board at the 2015 Annual Meeting of Shareholders.
"We have had valuable discussions with Ed and Trian over the past several months about our progress towards improving our financial performance and capitalizing on the expanding opportunities in the markets we serve," said Gerald L. Hassell, BNY Mellon's Chairman and Chief Executive Officer. "Ed brings to our Board the perspective of a large and engaged shareholder in BNY Mellon and has a track record of working collaboratively with other boards and management teams. We welcome him and we look forward to benefiting from Trian's insights and contributions as we continue to build value for our clients and shareholders."
Ed Garden commented: "As one of the company's largest shareholders, Trian believes BNY Mellon is an industry leader with attractive businesses and great potential. 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 will join the Human Resources & Compensation Committee and the Risk Committee of BNY Mellon's Board of Directors.
Garden, along with Nelson Peltz and Peter May, founded Trian. As Chief Investment Officer, Garden oversees all aspects of Trian's portfolio management, idea generation, analyses and due diligence activities. Garden also typically leads, along with Peltz and May, Trian's engagement with the management teams and boards of directors at the companies in which it invests. Garden currently serves on the boards of The Wendy's Company and Family Dollar Stores, Inc.