Mr. Sullivan said, "I am honored to have been selected as Legg Mason's new CEO, optimistic about our growth prospects, and fully committed to and believe in the Legg Mason affiliate business model. One of my top priorities when I assumed the Interim role in October was to bring our executive team, our affiliate leadership, and our Board together to create a shared vision for Legg Mason."That shared vision centers primarily on growth and we are firmly committed to working together toward that important goal," added Mr. Sullivan. "We will seek to do this organically and through acquisitions of teams and firms that build and diversify our affiliate managers and fill our product gaps. And, as always, we will also continue our efforts to be more efficient across all business functions. "While much work remains to be done, I am excited about Legg Mason's future. We have outstanding world class asset managers, an excellent global distribution platform, and a strong balance sheet. With signs that the economy is improving and renewed confidence in the markets, I believe we are in an excellent position to compete, resume growth, and enhance shareholder value," added Mr. Sullivan. Commenting on Mr. Kass' appointment to the Board, Mr. Reed said, "We are delighted to add Dennis Kass as a new independent member of the Legg Mason Board. Dennis is a highly regarded executive in the asset management industry who has the insights of both a diversified global asset manager and of an affiliate company CEO. We are confident that he will bring a unique perspective that will be valuable to the Board of Legg Mason." Background on Joseph Sullivan In addition to his positions at Legg Mason, Mr. Sullivan also serves as a current Trustee and former Chair of the Securities Industry Institute, was a former Chair of the Fixed Income Committee of the National Association of Securities Dealers (NASD), a Board Member of the Bond Market Association and a member of the New York Stock Exchange (NYSE) Hearing Board.