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Legg Mason Picks New CEO

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On Wednesday, asset manager Legg Mason (NYSE: LM  ) 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.

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9/23/2016 4:02 PM
LM $33.92 Down -0.70 -2.02%
Legg Mason CAPS Rating: *****