Mark Fetting departs Legg Mason
Legg Mason chairman and chief executive Mark Fetting has made the decision to step down after five years in the top job.
During his tenure, he led the company through a challenging period for global financial markets, reducing the firm's cost structure and improving its liquidity, Legg Mason stated.
Joseph Sullivan has been appointed interim chief executive and Allen Reed - Legg Mason's lead independent director - will assume the non-executive chairman role while the board searches for Fetting's replacement.
Fetting's departure does not change the company's current "corporate structure or our relationships with its affiliates", Legg Mason stated.
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