Legg Mason’s CEO to step down at the end of the month

Global asset management firm Legg Mason has confirmed today that Mark R. Fetting (pictured), chairman and chief executive, will step down at the end of September and remain as a consultant to the company until the end of the year.

Joseph Sullivan, head of global distribution, will become interim chief executive while the Board searches for a permanent CEO. Independent director Allen Reed will become non-executive chairman.

Sullivan has over three decades of experience in the investment management and capital markets industry.

He has served as head of global distribution since December 2010. He was previously head of fixed income capital markets at Stifel Nicolaus, following its purchase of this business from Legg Mason.

“The opportunity to lead Legg Mason through a crucial period of its history has
been both challenging and fulfilling. I am very proud of our progress and accomplishments during the past five years. Now is the right time for new leadership to take the baton and continue to move the company forward into its next phase of growth and development,” Fetting said.

Legg Mason’s said it will consider both internal and external candidates for the role.
The company had $636bn assets under management at the end of July.

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