Mason Elects Joseph Sullivan As Chairman

(RTTNews) - Legg Mason, Inc. (LM) Tuesday said its President and CEO, Joseph Sullivan was elected chairman of the board, with immediate effect. Sullivan will replace Dennis Kass, who was made chairman in July 2013. It also elected John Murphy as lead independent director.

Kass will continue to serve on the Nominating and Corporate Governance, Compensation and Finance Committees, the company said.

Sullivan has been with Legg Mason September 2008. He was made interim chief executive officer in October 2012. Murphy joined Legg Mason in June 2013. Prior to that he worked with Korn/Ferry International, OppenheimerFunds Inc., MassMutual Financial Group, Liberty Financial Companies Inc., and Arthur Andersen & Co.