Legg Mason has announced a series of executive appointments and departures following the hiring of Joseph Sullivan as its president and chief executive officer.
The new Legg Mason executive committee members, who will report to Sullivan, include:
• Pete Nachtwey, who has been appointed Head of Legg Mason’s Global Distribution (Johnson had been Interim Head of Global Distribution until today’s appointment);
• Jennifer Murphy, who has been promoted to chief administrative officer of Legg Mason. Murphy previously served as president and chief executive officer Legg Mason Capital Management. In her new role, she will oversee the firm’s technology, human resources, risk management, internal audit and fund boards and global fund accounting.
• Thomas Merchant, who has been promoted to general counsel. Merchant joined the firm in 1998 and had been Legg Mason’s Corporate General Counsel.
Also, the firm is in the market for an executive to lead an expanded business and product development function. The executive in this new role will be responsible for broadening the company’s investment offerings to institutional and retail clients organically through new product development and through acquisition.
The company’s US and international product teams, its solutions platform, Legg Mason Global Asset Allocation, as well as the company’s M&A practice, under the watch of Jeff Nattans, will now comprise this newly organized unit of the executive team. Nattans, who led the recent acquisition of Fauchier Partners, will continue to lead the acquisition component of the company's growth strategy.
Departing from the firm is Thomas Lemke, former General Counsel and Head of Governance, who “will be leaving Legg Mason to pursue new opportunities.” Ronald Dewhurst, former Head of Global Investment Managers, will also be leaving the company. Dewhurst had been one of two internal candidates for the CEO role.
“These leadership changes reflect the way I plan to manage Legg Mason to deliver on our key business objectives of maintaining a relevant and comprehensive product set, delivering compelling investment performance, and creating a world class institutional and retail distribution platform that rewards our shareholders,” stated Sullivan.
Legg Mason managed some $661 billion in assets as of February 28, 2013.