Legg Mason Announces Realignment of Its Senior Management Team

Legg Mason Inc., LM today announced that it has realigned its senior management responsibilities as it focuses on its future growth opportunities. The new leadership team will have clear responsibilities for key strategic areas of the business as Legg Mason enters calendar year 2011, having announced a number of streamlining initiatives in 2010. The new executive team structure is as follows: Joseph A. Sullivan has been named Head of Global Distribution. As Legg Mason's Chief Administrative Officer, he led the firm's streamlining initiatives. Ronald R. Dewhurst has been named Head of Global Investment Managers. As Head of International for Legg Mason, he led the expansion of the firm's international business. Jeffrey A. Nattans has been named Head of M&A and Business Development. Mr. Nattans will lead the organization's efforts on strategy, mergers & acquisitions and strategic affiliate initiatives. Peter H. Nachtwey has been named to an expanded Chief Financial Officer role. As announced last week, Mr. Nachtwey will join Legg Mason in January, after serving as CFO of The Carlyle Group, where he also held responsibility for many of the firm's operational and technology functions. Thomas P. Lemke, Legg Mason's General Counsel, joins the firm's Executive Committee. Mr. Lemke joined Legg Mason as General Counsel in 2005, after more than 20 years experience in the industry.