Trian Fund Management, the activist investment fund led by billionaire Nelson Peltz, is losing co-founder Ed Garden as the firm faces its own succession episode.

Garden will retire as chief investment officer role after 18 years at the fund, according to an emailed statement. Garden, who is the son-in-law of co-founder Peltz, will focus primarily on managing his personal investments while also serving as a senior adviser.

Peltz and co-founder Peter May —- both octogenarians — will remain as chief executive officer and president, respectively.

Peltz’s son Matt and Josh Frank, who were co-heads of research, will become co-chief investment officers, according to the statement. Brian Baldwin will be head of research.

“They are well prepared to help lead Trian as we continue our efforts to deliver great outcomes at our portfolio companies and attractive returns for our investors in the years ahead,” a spokesperson for Trian said in the statement.

The Wall Street Journal reported Garden’s departure earlier.

Nelson Peltz made his name investing in consumer and retail companies including Procter & Gamble Co. and fast food chain Wendy’s Co.

Its other consumer investments have included Mondelez International Inc., H.J. Heinz Co. and PepsiCo, some of which have been led by Frank. Trian is currently pushing for changes in packaged goods giant Nestle SA.

In a proxy fight this year, Trian abandoned its campaign for a board seat at Walt Disney Co., saying it was pleased that the company ‘is listening’ now.