UPDATE: Legg Mason Says Sullivan Will Serve as Interim CEO

Legg Mason, Inc. LM today announced that Mark R. Fetting, Chairman and Chief Executive Officer, has decided to step down effective October 1, and will remain as a consultant to the company through year end.  Lead Independent Director W. Allen Reed will become Non-Executive Chairman and Joseph A. (Joe) Sullivan, Head of Global Distribution, will become Interim Chief Executive Officer while the Board conducts a search for a permanent CEO.  The Board has formed a search committee to consider both internal and external candidates and will be engaging a leading executive search firm to assist with the process.