Mark Fetting, CEO and chairman of asset manager Legg Mason, Inc., will step down at the start of next month, the Baltimore, Md.-based firm disclosed Tuesday.

Fetting, which has circled an Oct. 1 target to leave his current role, will be succeeded on an interim basis in his CEO capacities by Joseph Sullivan, its current head of global distribution. Alternately, W. Allen Reed, Legg Mason's lead independent director, will assume a temporary non-executive chairmanship spot, the Sept. 11 statement said.

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