Asset manager Legg Mason Inc named Joseph Sullivan as its permanent chief executive officer on Wednesday, 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. Baltimore-based Legg Mason had been seeking a new CEO since Mark Fetting stepped down under pressure last fall.Sullivan was also named president and a board member. He had rejoined Legg Mason in 2008 after working there earlier in his career.In addition, Legg Mason named a new board member, Dennis Kass, who retired last year as CEO of Jennison Associates, an asset-management unit of Prudential Financial Inc.
Legg Mason, Inc. (Legg Mason) is a global asset management company. Shares of LM fell by 2.15% or $-0.6/share to $27.31. 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 2309153.
Prudential Financial, Inc. (Prudential Financial) is a financial services company. Shares of PRU traded higher by 0.3% or $0.17/share to $57.17. 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 1532122.
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