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Legg Mason Awards CEO Sullivan 500,000 Shares at $31.46

May 3 (Bloomberg) -- Legg Mason Inc., the Baltimore-based money manager that appointed a new leader in February, awarded Chief Executive Officer Joseph Sullivan options to purchase 500,000 shares at $31.46 per share.

“This award recognizes Mr. Sullivan’s recent promotion to the Chief Executive Officer role and is intended to provide a substantial long-term incentive to grow Legg Mason’s business,” the firm said today in a filing with the U.S. Securities and Exchange Commission. The options vest in 25 percent increments and expire on May 2, 2023, according to the filing.

Legg Mason shares rose 1.4 percent to $32.18 at 12:39 p.m. in New York. The shares have advanced 25 percent this year.

To contact the reporter on this story: Sree Vidya Bhaktavatsalam in Boston at sbhaktavatsa@bloomberg.net

To contact the editor responsible for this story: Christian Baumgaertel at cbaumgaertel@bloomberg.net

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