Legg Mason has appointed Joseph Sullivan president and permanent chief executive, after he served four months as interim chief executive.
The move was widely expected after Sullivan (pictured) took the interim role in October, after pressure from investors forced former chief executive Mark Fetting to step down last autumn.
Sullivan was previously head of global distribution at the asset manager.
Allen Reed, non‐executive chairman in charge of the search for a replacement, said: "Joe was deemed by the board to have the best combination of personal management skills and professional experience to lead Legg Mason forward.
"We have been impressed that he is bringing a fresh perspective and renewed energy to Legg Mason, has a clear vision for the company and has demonstrated an ability to address the challenges and opportunities necessary to regenerate growth."
Sullivan said: "While much work remains to be done, I am excited about Legg Mason's future. We have outstanding world class asset managers, an excellent global distribution platform, and a strong balance sheet.
"With signs the economy is improving and renewed confidence in the markets, I believe we are in an excellent position to compete, resume growth, and enhance shareholder value."
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