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Legg Mason's CEO Names Executive Leadership Team

Stocks in this article: LM

BALTIMORE, April 2, 2013 /PRNewswire/ -- Legg Mason (NYSE: LM) today announced a series of appointments to align its executive leadership team with the Company's growth objectives.

Joseph A. Sullivan, Legg Mason's newly-appointed President and Chief Executive Officer, said, "I am pleased with the continuing progress being made to grow and position Legg Mason for the future. To build upon these efforts, Legg Mason will focus on three important revenue generating growth objectives: expanding investment products organically and through acquisition; working with our affiliate partners to support their business, including building a framework for investment in their long term growth; and strengthening our global distribution platforms in support of Legg Mason's investment products and strategies.  As we pursue these growth initiatives, we remain committed to managing Legg Mason's corporate structure in the most effective and efficient way possible."

The new Legg Mason Executive Committee members, who will report to Mr. Sullivan, include:  

  • Pete Nachtwey -- Legg Mason's Chief Financial Officer. Mr. Nachtwey will be responsible for finance, treasury, investor relations, and global corporate communications.  He joined Legg Mason from the Carlyle Group in 2011, where he had been Chief Financial Officer and a member of the Operating Committee. 
  • Terry Johnson -- who has been appointed Head of Legg Mason's Global Distribution. Mr. Johnson had been Interim Head of Global Distribution until today's appointment, and was previously Head of International Distribution at Legg Mason.  Mr. Johnson will be responsible for overseeing all of the company's retail distribution activities for both U.S. and International distribution. He joined Legg Mason in 2005 from Citigroup Asset Management.
  • Jennifer Murphy -- who has been promoted to Chief Administrative Officer of Legg Mason. Ms. Murphy joined the firm in 1986 and, most recently, was President and CEO of Legg Mason Capital Management.  In her new role, she will oversee the firm's technology, human resources, risk management, internal audit and fund boards and global fund accounting.
  • Thomas Merchant -- who has been promoted to General Counsel. Mr. Merchant joined the firm in 1998 and had been Legg Mason's Corporate General Counsel.  He will also remain Legg Mason's Corporate Secretary and oversee the firm's legal and compliance divisions.
  • Legg Mason is in the process of hiring an executive to lead an expanded Business and Product Development function.  The executive in this new role will be responsible for broadening the company's investment offerings to institutional and retail clients organically through new product development and through acquisition.  The company's US and International Product teams, its solutions platform, Legg Mason Global Asset Allocation, as well as the company's M&A practice, under the continued leadership of Jeff Nattans, will now comprise this newly organized unit of the Executive team.  Mr. Nattans has been responsible for a number of successful strategic divestitures in recent years, led the recent acquisition of Fauchier Partners and will continue to lead the acquisition component of the company's growth strategy.  This new team is essential to the company's overall growth strategy and is expected to improve the company's flow activity and revenue growth. 

Mr. Sullivan also announced that Thomas P. Lemke, General Counsel and Head of Governance, whose many contributions to Legg Mason over the years are greatly appreciated, will be leaving Legg Mason to pursue new opportunities.  Ronald R. Dewhurst, former Head of Global Investment Managers, who has played an important role in rebuilding strong relationships with our Affiliates, will also be leaving the company.  Mr. Dewhurst had been one of two internal candidates for the CEO role.

Mr. Sullivan concluded, "These leadership changes reflect the way I plan to manage Legg Mason to deliver on our key business objectives of maintaining a relevant and comprehensive product set, delivering compelling investment performance, and creating a world class institutional and retail distribution platform that rewards our shareholders."

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