Legg Mason appoints new chairman

by Richard Kilner

Story link: Legg Mason appoints new chairman

Legg Mason’s Board of Directors has announced that Mark R. Fetting is the board’s new chairman with immediate effect.

Fetting is already a director on the board, as well as occupying the roles of president and chief executive officer of the firm.

He succeeds co-founder and longserving chairman Raymond A. Mason, who is to leave the board but stay on with the firm as a senior advisor.

Director W. Allen Reed explained that Fetting’s conduct during the recent difficult market conditions had earnt him universal respect from the board, and that his time as CEO was one of success.

Reed went on to thank the outgoing chairman for his commitment and extraordinary leadership over the last 46 years.