BALTIMORE (AP) — CEO DEPARTING: Legg Mason's chairman and CEO, Mark Fetting is stepping down on Oct. 1, the asset management company said on Tuesday. Joseph Sullivan, Legg Mason's head of global distribution, will become interim chief executive.
DIFFICULT TENURE: Fetting became CEO in January 2008, months before the financial crisis rocked global markets. Legg Mason and other money managers have since struggled as investors have pulled billions from U.S. stock mutual funds.
STOCK'S DECLINE: Shares of Legg Mason traded above $100 apiece in early 2007, but have remained below $40 since late 2008. The stock rallied on Tuesday's announcement.