Legg Mason Names Sullivan As New CEO

Legg Mason, Inc. (NYSE:LM) has announced the installation of a new Chief Executive Officer. The asset manager announced that Joseph A. Sullivan would take the position of the head of the company, after years of poor performance and sluggish returns. Sullivan has been serving as the company’s interim CEO since last October.

Mark Fetting, the company’s former CEO, stepped down last year after Nelson Peltz  put pressure on the company to change its management. In the last five years, the company’s shares have lost almost 60% of their value. After losses sustained during the financial crisis, the company failed to recover its value. That situation...