Courtesy of Citybizlist – Legg Mason, Inc. Chairman and Chief Executive Officer Mark R. Fetting has decided to step down effective October 1, and will remain as a consultant to the company through year end. Lead Independent Director W. Allen Reed will become Non-Executive Chairman and Joseph A. (Joe) Sullivan, Head of Global Distribution, will become Interim Chief Executive Officer while the Board conducts a search for a permanent CEO. The Board has formed a search committee to consider both internal and external candidates and will be engaging a leading executive search firm to assist with the process.
Mark Fetting said, “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. I look forward to assisting Allen and Joe as we work to ensure a smooth transition.”
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