Legg Mason has appointed Joseph Sullivan as president and chief executive.
Previously head of global distribution, Sullivan was made interim chief executive in October after former chairman and chief executive Mark Fetting announced he was stepping down from his roles.
Legg Mason non-executive chairman W. Allen Reed 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.”