Legg Mason Picks New CEO


On Wednesday, asset manager Legg Mason announced that it has confirmed interim Chief Executive Officer Joseph A. Sullivan as its official new permanent director, president, and chief executive officer.

Sullivan has worked at Legg Mason since September 2008 and served as interim CEO since Oct. 1. In fact, though, aside from a brief stint working in fixed income capital markets at Stifel Nicolaus, Sullivan has worked at Legg Mason for most of his adult life -- from 1993 to 2005, he did fixed income work at Legg as well, leaving only after that operation was sold in December 2005.

Investors, however, reacted poorly to the announcement -- bidding down Legg Mason shares by 2.3% in Wednesday trading, to close at $27.28.

In other news, Legg Mason also noted that it has brought on Dennis Kass as a new independent director on its board. Before his retirement in 2012, Kass served as CEO of Prudential Financial subsidiary Jennison Associates.

The article Legg Mason Picks New CEO originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.