Joseph A. Sullivan Appointed President And Chief Executive Officer Of Legg
Dennis M. Kass to Join the Legg Mason Board on April 1, 2013
BALTIMORE, Md., Feb. 13, 2013
BALTIMORE, Md., Feb. 13, 2013 /PRNewswire/ --The Board of Directors of Legg
Mason, Inc. (NYSE: LM), one of the world's largest global asset management
firms, today announced that it has appointed Joseph A. Sullivan President and
Chief Executive Officer and a member of the Board of Directors, effective
immediately. In addition, it announced that Dennis M. Kass, a veteran leader
in the asset management industry, will join the Legg Mason Board, effective
April 1, 2013.
Since October 1, 2012, Mr. Sullivan has served as Legg Mason's Interim Chief
Executive Officer. He joined Legg Mason in 2008 as Senior Executive Vice
President and Chief Administrative Officer and more recently, served as Head
of Global Distribution.
W. Allen Reed, Legg Mason's Non-Executive Chairman, who led the Board's Search
Committee, said, "Following a very comprehensive search, that considered a
broad list of highly qualified candidates, Joe was deemed by the Board to have
the best combination of personal management skills and professional experience
to lead Legg Mason forward. The selection process included not only the Search
Committee and the Board, but also the leaders of our affiliate managers and
senior corporate leadership.
"Over the past four months, since being named Interim CEO, Joe has acted with
a sense of urgency and clarity of purpose," said Mr. Reed. "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. The Board is unanimously aligned with the direction Joe wants to
take the company and believes his no-nonsense management style will enable a
fast start on the path to rebuilding Legg Mason as a premier asset management
company. Importantly, Joe has developed a relationship with the affiliate
leadership teams that the Board believes will enable a collaborative and
mutually beneficial process that begins a new and exciting chapter in Legg
Mason's history. He's earned the confidence of the entire firm and is ready to
lead Legg Mason as its new CEO."
Mr. Sullivan said, "I am honored 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. One of my top priorities when I
assumed the Interim role in October was to bring our executive team, our
affiliate leadership, and our Board together to create a shared vision for
"That shared vision centers primarily on growth and we are firmly committed to
working together toward that important goal," added Mr. Sullivan. "We will
seek to do this organically and through acquisitions of teams and firms that
build and diversify our affiliate managers and fill our product gaps. And, as
always, we will also continue our efforts to be more efficient across all
"While much work remains to be done, I am excited about Legg Mason's future.
We have outstanding world class asset managers, an excellent global
distribution platform, and a strong balance sheet. With signs that the economy
is improving and renewed confidence in the markets, I believe we are in an
excellent position to compete, resume growth, and enhance shareholder value,"
added Mr. Sullivan.
Commenting on Mr. Kass' appointment to the Board, Mr. Reed said, "We are
delighted to add Dennis Kass as a new independent member of the Legg Mason
Board. Dennis is a highly regarded executive in the asset management industry
who has the insights of both a diversified global asset manager and of an
affiliate company CEO. We are confident that he will bring a unique
perspective that will be valuable to the Board of Legg Mason."
Background on Joseph Sullivan
In addition to his positions at Legg Mason, Mr. Sullivan also serves as a
current Trustee and former Chair of the Securities Industry Institute, was a
former Chair of the Fixed Income Committee of the National Association of
Securities Dealers (NASD), a Board Member of the Bond Market Association and a
member of the New York Stock Exchange (NYSE) Hearing Board.
Since Mr. Sullivan joined Legg Mason in September 2008 he served as Senior
Executive Vice President and Chief Administrative Officer and then as the
firm's Head of Global Distribution before being appointed interim Chief
Executive Officer last fall. Prior to Legg Mason, Mr. Sullivan served on the
Board of Directors of Stifel Financial and as Executive Vice President and
Head of Fixed Income Capital Markets for Stifel Nicolaus from December 2005
until rejoining Legg Mason in 2008. Mr. Sullivan has more than 30 years of
industry experience, holding prior executive roles at Legg Mason Wood Walker,
Dain Bosworth and Piper Jaffray.
Mr. Sullivan holds a Bachelor of Arts degree in Economics from St. John's
University (MN) and is a graduate of the Securities Industry Institute at the
Wharton School of Business at the University of Pennsylvania.
Mr. Sullivan is active in public service and committed to improving education
having served as a member of the Boards of Trustees for Catholic Charities and
St. Ignatius Loyola Academy, Chair of the Board of Trustees of Loyola
Blakefield School, and President of the Baltimore Youth Hockey Association.
Background on Dennis Kass
Mr. Kass retired in 2012 as CEO of Jennison Associates, an asset management
company wholly-owned by Prudential Financial, Inc., having served in this
position since 2003. Previously, he had spent more than a decade with JP
Morgan's Investment Management unit, culminating in the position of Vice
Chairman of JP Morgan Fleming Asset Management.
Mr. Kass served in the Reagan Administration from 1985 to 1987 as the
Assistant Secretary of Labor for Pension and Welfare Benefits and was a
Special Assistant to the President for Policy Development from 1981 to 1982.
His early private sector roles included spending three years with Goldman
Sachs as a Vice President in investment banking and pension advisory services.
Mr. Kass holds a MS degree in Management from the Massachusetts Institute of
Technology and a BA degree in History from Principia College. He is a trustee
of the Financial Accounting Foundation, serves on the Advisory Board for
Finance and the Global Executive Board for M.I.T.'s Sloan School of
Management, and is on the board of the not-for-profit buildOn.
About Legg Mason
Legg Mason is a global asset management firm with $654 billion in assets under
management as of January 31, 2013. The Company provides active asset
management in many major investment centers throughout the world. Legg Mason
is headquartered in Baltimore, Maryland, and its common stock is listed on the
New York Stock Exchange (symbol: LM).
SOURCE Legg Mason, Inc.
Contact: Investor Relations: Alan Magleby, +1-410-454-5246,
email@example.com; or Media: Mary Athridge, +1-212-805-6035,
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