Nelson Peltz’s Trian Partners is rebuffing a request by fellow activist Marcato Asset Management to remove Bank of New York Mellon Chief Executive Gerald Hassell from his job, the FOX Business Network has learned.
Fox Business reports that Trian Partners, which owns a 2.7% stake in BNY Mellon, 'is not interested' in replacing Hassell, who has come under fire from Marcato’s Founder Mick McGuire in recent days for not moving fast enough to improve the bank’s financial performance, people with direct knowledge of Trian’s thinking tell FOX Business.
Marcato owns a 1.6% stake in BNY Mellon, the fund disclosed several months ago, but more recently, the investment company has reached out to large investors including Trian to try and galvanize shareholder support for Hassell’s removal, these people say.
Trian, these people add, is against the move.
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