BALTIMORE (AP) — Money manager Legg Mason has named interim CEO Joseph A. Sullivan to the post on a permanent basis.
The asset management company had announced in September that Chairman and CEO Mark Fetting was stepping down on Oct. 1. Sullivan became interim CEO at that time.
Sullivan, who has worked for the Baltimore company since 2008, most recently served as Legg Mason Inc.'s head of global distribution. Aside from taking on the CEO position, Sullivan will serve as president and a board member.
Legg Mason also announced Wednesday that Dennis Kass will become a director on April 1.
Earlier this month the company posted a loss for its fiscal third quarter after it wrote down the value of some of its assets.
Its stock shed 12 cents to $27.79 in morning trading. They have traded in a 52-week range of $22.36 to $29.49.