Legg Mason appoints Mark Fetting as President and CEO

Legg Mason Inc., a leading Global Asset Management Firm, announced late Monday that it has appointed Mark R. Fetting as President and Chief Executive Officer of the firm, effective immediately.

Fetting, who most recently was responsible for the firm’s worldwide mutual fund and managed account businesses as Senior Executive Vice President, will replace the 71-year-old co-founder, chairman and former president and CEO Raymond A. "Chip" Mason, who was the only CEO in the firm's 27-year history.

Founded in 1962 and headquartered in Baltimore, Maryland, the asset-management firm serves the institutional, mutual fund and wealth management markets. The move puts an end to a long search for a successor to Mason, who is retiring, but will still serve as non-executive Chairman.

Fetting, 53, is also appointed as member of the Board of Directors of Legg Mason.

“Following a very comprehensive due diligence process, the Board is unanimous in its conviction that Mark’s extensive industry experience, superb leadership skills, keen intellect, and business acumen make him the ideal steward to lead Legg Mason into the future,” said Harold L. Adams, an independent director who chaired the board’s Search Committee.

Fetting joined Legg Mason in 2000 and since then he mad immense efforts for the benefit and expansion of the firm, and served in key strategic and operating roles. He also played key roles in the successful acquisitions that transformed Legg Mason from a regional securities firm into one of the world’s largest asset managers, with around $1 trillion under management.

Before joining the mutual fund firm, Fetting was President of retirement services at Prudential Financial Inc., the Newark, New Jersey-based second-biggest U.S. life insurer.
Besides Prudential Financial, he has worked in investment management for 29 years at firms including Greenwich Associates and T. Rowe Price.

“It is a deep personal honor to succeed Chip… I look forward to working closely with our senior leadership team, Board of Directors, and each of our affiliated companies to realize our collective goals and to generate outstanding long-term value for our clients and shareholders,” said Fetting.

The financial services firm has several subsidiaries, including Western Asset Management, Batterymarch Financial Management, Brandywine Global Investment Management, ClearBridge Advisors, Legg Mason Capital Management, The Permal Group, Private Capital Management and Royce & Associates.

Legg Mason shares yesterday jumped $2.09, or 3 percent, to $72.05 at 4:26 p.m. in New York Stock Exchange composite trading.