Legg Mason Board Elects John V. Murphy And John H. Myers As New Directors

  Legg Mason Board Elects John V. Murphy And John H. Myers As New Directors

PR Newswire

BALTIMORE, June 6, 2013

BALTIMORE, June 6, 2013 /PRNewswire/ --Legg Mason Inc., (NYSE: LM) today
announced that John V. Murphy and John H. Myers, two industry veterans with
broad asset management experience, have been elected to the Legg Mason Board
of Directors, effective immediately. Mr. Murphy was appointed to the Audit
and Compensation Committees and Mr. Myers was appointed to the Nominating &
Corporate Governance and Risk Committees. The Board will remain at 14 members
once Dennis Beresford and Nicholas St. George retire from the Board in July of

Joseph A. Sullivan, President and CEO, said, "We are very proud to add two
highly regarded executives with collective experience in building retail and
institutional businesses across all asset classes. With their decades of
experience and deep industry knowledge, we believe that they will be
invaluable resources as we execute against our plan to expand our global
business, add compelling product capabilities in high demand categories and
distribute those products in the most efficient and effective way. I would
also like to thank Denny and Nick for their guidance, leadership and
dedication to Legg Mason as we evolved into a global asset management firm.
We join our shareholders in thanking them for the tremendous contributions
they have made to the Board over their many years of service."

Background of Mr. Murphy

Mr. Murphy has over thirty years of experience working in the investment
management business. He is recognized as a national leader in the mutual
funds and asset management space, particularly as a past Chairman of the
Investment Company Institute. Most recently, he advised the Asset and Wealth
Management practice at Korn/Ferry International, a provider of talent
management solutions. Previously, he spent the majority of his career in the
investment management industry in a variety of capacities, serving as Chairman
and Chief Executive Officer of OppenheimerFunds Inc. prior to his retirement
as Chairman in 2009. He spent nine years with the firm and led it from the
thirteenth to the seventh largest U.S. mutual fund company, growing assets
under management from $120 billion to $275 billion. Prior to joining
OppenheimerFunds, he spent eight years with MassMutual Financial Group, its
parent company, in a variety of roles, and ultimately had responsibility for
their non life insurance asset management related businesses. He began his
career at Arthur Andersen & Co. in 1972 after graduating with a B.S. from
Boston College. 

Background of Mr. Myers

Mr. Myers is the retired President and Chief Executive Officer of GE Asset
Management ("GEAM"). Since retiring in 2006 from GEAM, Mr. Myers has served
as a Senior Advisor with Angelo, Gordon & Co., a $25 billion privately-held
investment advisor dedicated to alternative investing.

Mr. Myers spent nearly four decades with General Electric, including 20 years
with GEAM, one of the largest institutional asset managers in the United
States. During his time at GEAM, the firm grew from $20 billion in assets
under management in 1986 to $200 billion when he retired in 2006. He was
named President and Chief Executive in 1996 and initiated the diversification
of GEAM's asset management business beyond the GE benefit plan funds,
expanding the firm's roster of clients to include 401(k) plans, mutual funds,
insurance companies and more than 200 external institutional clients. GEAM's
assets were largely internally managed in multi strategy capabilities with a
significant focus on alternative investments. Mr. Myers graduated from Wagner
College in 1967 with a B.S. in Mathematics. He then became a Lieutenant in
the US Navy and served two tours of duty in Vietnam as a Line Officer.

About Legg Mason

Legg Mason is a global asset management firm with $655 billion in assets under
management as of April 30, 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.

Website: http://www.leggmason.com
Contact: Investors: Alan Magleby, (410) 454-5246, afmagleby@leggmason.com;
Media: Mary Athridge, (212) 805-6035, mkathridge@leggmason.com
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