Legg Mason named interim chief executive officer Joseph Sullivan as CEO, ending a five-month search for a leader to reverse five years of client redemptions and calm restive fund affiliates, according to a person familiar with the matter.

The appointment of Sullivan, 55, who served as interim-CEO since Oct. 1, may be announced as early as today, said the person yesterday, asking not to be identified because the information is private. Sullivan replaces Mark Fetting, who stepped down amid pressure from activist investor and board member Nelson Peltz to improve the company’s performance.

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