Trian, founded in 2005, oversees some $7 billion in assets and ranks among the world's most powerful firms that push corporations to make changes ranging from overhauling executive teams to putting the company up for sale.
Ed Garden, one of Trian's three founding partners who spent 18 years at the firm, is leaving his position as chief investment officer to focus on managing his personal investments, Trian said in the filing on Thursday.
He will be replaced by partners Josh Frank and Matt Peltz, who had been co-heads of research. Brian Baldwin, another partner, will become head of research.
Matt Peltz is Nelson Peltz's son and Garden is his son-in-law.
"We are thrilled that longstanding Trian partners Josh Frank, Matt Peltz, and Brian Baldwin will be assuming new leadership roles as we continue to grow Trian," the firm said in the filing.
The firm's two other founding partners, Nelson Peltz, 80, and Peter May, 80, will remain in their roles as chief executive officer and president, it said.
Trian has pushed for changes at companies ranging from Bank of New York Mellon to Procter & Gamble and often gets a seat on the target company's board.
Earlier this year, Trian backed off a boardroom challenge at Walt Disney Co, where it had pushed for one board seat, when the entertainment company announced a reorganization and cost cuts.
The reshuffle comes as many prominent hedge funds try to prepare for life after their founders.
Bill Ackman, another vocal corporate agitator, last year named a younger partner as chief investment officer at Pershing Square Capital Management. In 2020, Jeff Ubben handed his role as chief executive at ValueAct Capital to Mason Morfit, whom he had previously promoted to chief investment officer.
The Trian moves were first reported by the Wall Street Journal.
(Reporting by Svea Herbst-Bayliss in Boston with additional reporting by Kanjyik Ghosh and Urvi Dugar in Bengaluru; Editing by Devika Syamnath and Jamie Freed)
By Svea Herbst-Bayliss
