Legg Mason appoints new president and CEO

Raymond Mason, the company's co-founder and long-time chairman, president and CEO, will serve as its non-executive chairman. Mr Fetting, who joined Legg Mason in 2000, was most recently responsible for the firm's worldwide mutual fund and managed account businesses as senior executive vice president. He has served in key strategic and operating roles and has been instrumental since he joined the firm in the successful acquisitions that transformed Legg Mason. Prior to joining Legg Mason, Mr Fetting served as president of retirement services for Prudential Financial Group and played a key role in the expansion of the firm's money management business throughout the 1990s.

Harold Adams, an independent director who chaired the board's search committee, said: "Following a very comprehensive due diligence process, the board is unanimous in its conviction that Mark's extensive industry experience, superb leadership skills, keen intellect, and business acumen make him the ideal steward to lead Legg Mason into the future."