Sullivan gets chairman's job at Legg Mason

Tom Baden//October 28, 2014//

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Legg Mason, Inc.’s board of directors announced this morning that CEO and President Joseph A. Sullivan was elected chairman, effective immediately.

He succeeds Dennis M. Kass, who has been chairman of the board since July 2013. Kass remains a member of the board and will continue to serve on the nominating and corporate governance, compensation and finance committees.

“This appointment is in recognition of the strong business results and momentum achieved by Legg Mason under Joe Sullivan’s leadership over the last two years,” Kass said. “Joe has built a strong executive team, strengthened the company’s portfolio of investment managers, streamlined the firm’s operations and enhanced Legg Mason’s world class distribution capabilities. The Board congratulates Joe and looks forward to working with him in both his chairman and CEO roles to continue to deliver ever increasing value to our shareholders.”

The board also announced that it elected John V. Murphy as lead independent director.