In light of Legg Mason Inc.’s recent struggles and dropping stock price, the company has slashed the pay of CEO Mark Fetting and its founder Raymond “Chip” Mason, according to The Baltimore Sun.

Fetting’s compensation package was listed at $5 million a year ago when he was a senior executive vice president, but dropped to $4.7 million for the fiscal year ending March 31. He was promoted to CEO in January.

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