Legg Mason has appointed Joseph Sullivan as president and chief executive.
Sullivan has served as Legg Mason’s interim chief executive since October 2012, after joining Legg Mason in 2008 as senior executive vice president and chief administrative officer, and more recently as head of global distribution.
Legg Mason non-executive chairman W. Allen Reed, who led the board’s search committee, says: “Joe was deemed by the board to have the best combination of personal management skills and professional experience to lead Legg Mason forward.
“Since being named interim CEO four months ago, Joe has acted with a sense of urgency and clarity of purpose. We have been impressed that he is bringing a fresh perspective and renewed energy to Legg Mason, has a clear vision for the company and has demonstrated an ability to address the challenges and opportunities necessary to regenerate the growth of Legg Mason.”
Sullivan says: “I am honoured to have been selected as Legg Mason’s new CEO, optimistic about our growth prospects, and fully committed to and believe in the Legg Mason affiliate business model.”
Last month, Legg Mason announced it is to combine its Capital Management division with ClearBridge Investments.
Chairman and former CIO of LMCM Bill Miller will continue to focus on the LMCM Opportunity Trust and will not be joining ClearBridge, the group has confirmed.