Legg Mason Capital Management, a subsidiary of Baltimore, Md.-based Legg Mason ( LM), named Bill Miller chairman . Miller will continue to serve as chief investment officer and portfolio manager of all accounts he currently manages, the company said.

Miler will be replaced as CEO by Kyle Prechtl Legg. Legg has been the president of LMCM since 1997.

Among other promotions announced, David Nelson has been named the chairman of the newly formed investment policy committee.
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