Legg Mason announced that it has appointed Dennis M. Kass, an industry veteran, as non-executive Chairman of the Board.
Kass succeeds W. Allen Reed, who was appointed non-executive chairman of the Legg Mason Board in September of 2012. Reed successfully oversaw a strategic review of the company's business model and operations and chaired the Search Committee effort that led to the appointment of the company's CEO in February of this year. Reed will continue as a member of the Board and as Chairman of the Finance Committee. He has served as a director of Legg Mason since 2006.
"I am pleased to pass the chairman's responsibilities to Dennis Kass, a highly regarded executive in the asset management industry who has the insights of both a large scale diversified asset manager and of an affiliate CEO. Dennis brings a unique perspective that will be valuable in the governance of Legg Mason and its affiliates. I look forward to working with Dennis, Joe and the rest of the Board to move the company forward," said Reed in a statement.
CEO Joseph Sullivan added, "In the short time I have worked with Dennis, I have been impressed with the insights he has on our industry and the opportunities he sees for Legg Mason. As we look to execute our key priorities to grow and diversify Legg Mason's revenues, Dennis will be an invaluable partner."