Legg Mason ( LM) named Mark Fetting president and CEO as the mutual fund firm struggles to navigate the credit crunch. Fetting replaces company co-founder Raymond A. "Chip" Mason, who will now serve as nonexecutive chairman. Fetting joined Legg Mason in 2000. He was most recently a senior executive vice president responsible for the company's worldwide mutual fund and managed-account businesses. In January, the company sold $1.25 billion in convertible senior notes to private equity firm Kohlberg Kravis Roberts to shore up its capital. A few weeks earlier, the company announced a bailout of two money market funds to cut its exposure in structured-investment vehicle debt. Shares of Legg Mason, which have fallen by more than one-third in nearly a year, closed Monday up 3% to $72.05.