Asset manager Legg Mason Inc on Wednesday named Joseph Sullivan as its permanent chief executive, picking an insider to staunch outflows from its funds and smooth relations with its autonomous investment units.Sullivan had been the company's sales chief and interim CEO, and his appointment was expected. Legg Mason of Baltimore had been seeking a new CEO since Mark Fetting stepped down under pressure last fall.Sullivan was also named president and a member of the company's board of directors. Legg Mason also named as a new board member Dennis Kass, who retired last year as CEO of Jennison Associates, an asset-management unit of Prudential Financial Inc.The choice of Sullivan, 55, will signal to investors that Legg Mason is less inclined to embark on a radical restructuring to address its challenges, analysts have said. The company is coming off nearly five years of outflows from its funds, and relations have been strained between the parent firm and some of its eight semi-autonomous investment units.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM traded higher by 0.54% or $0.15/share to $28.06. In the past year, the shares have traded as low as $22.36 and as high as $29.49. On average, 1634800 shares of LM exchange hands on a given day and today's volume is recorded at 81181.
Prudential Financial, Inc. (Prudential Financial) is a financial services company. Shares of PRU traded higher by 0.49% or $0.28/share to $57.28. In the past year, the shares have traded as low as $44.47 and as high as $65.17. On average, 3115690 shares of PRU exchange hands on a given day and today's volume is recorded at 102397.
Source
