On January 28, 2008, the Legg Mason Board of Directors announced the appointment of Mark R. Fetting as President and Chief Executive Officer, effective immediately.

Mr. Fetting, who joined Legg Mason in 2000, was most recently responsible for the firm's worldwide mutual fund and managed account businesses as Senior Executive Vice President. A 29-year veteran of the investment management industry, Mr. Fetting has also held strategic and operating roles at Prudential Financial Group, T. Rowe Price, and Greenwich Associates.

Raymond A. ("Chip") Mason, Legg Mason’s co-founder and long-time Chairman, President and Chief Executive Officer, will serve as non-executive Chairman.

Harold L. Adams, an independent director who chaired the board's Search Committee, said, "Following a very comprehensive due diligence process, the Board is unanimous in its conviction that Mark's extensive industry experience, superb leadership skills, keen intellect, and business acumen make him the ideal steward to lead Legg Mason into the future."

"Mark combines the best qualities of an insider with the best qualities of an outsider. He knows how the firm works and has been a major part of its success, and also has performed in other leading firms that have faced different challenges, bringing an objective market and customer perspective to the task at hand."

Read more about this historic leadership transition below.