Legg Mason (LM) CEO To Step Down Oct. 1
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Legg Mason, Inc. (NYSE: LM) announced that Mark R. Fetting, Chairman and Chief Executive Officer, 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.
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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.
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