Legg Mason ( LM) named James W. Hirschmann president. Hirschmann will start May 1 and replace Raymond A. "Chip" Mason, who will continue to serve as chairman and chief executive. Hirschmann currently serves as the chief executive of Legg Mason's Western Asset Management unit, which he joined in April 1989. Hirschmann will remain chief executive of Western Asset until it completes the combination of the recently acquired Citigroup Asset Management fixed income business. D. Daniel Fleet will take over as president of Western Asset.