Joseph A. Sullivan named chairman of Legg Mason

John V. Murphy named lead independent director

Baltimore, Md. – Oct. 28, 2014 – The Board of Directors of Legg Mason, Inc. (NYSE: LM) announced that Joseph A. Sullivan, president and chief executive officer, was elected chairman of the Board of Directors, effective immediately. He succeeds Dennis M. Kass, who has been chairman of the board since July 2013. Mr. Kass remains a member of the board and will continue to serve on the Nominating and Corporate Governance, Compensation and Finance Committees. The board also announced today that it has elected John V. Murphy as lead independent director.

“This appointment is in recognition of the strong business results and momentum achieved by Legg Mason under Joe Sullivan’s leadership over the last two years,” Kass said to the Board of Directors. “Joe has built a strong executive team, strengthened the company’s portfolio of investment managers, streamlined the firm’s operations and enhanced Legg Mason’s world class distribution capabilities. The board congratulates Joe and looks forward to working with him in both his chairman and CEO roles to continue to deliver ever increasing value to our shareholders.”

“Dennis Kass has been a terrific partner for me since I began my tenure as CEO of Legg Mason,” Sullivan said. “He has been tireless in support of our strategic initiatives and, along with the rest of our board, has shared deep industry and business insights, as we have worked to reshape Legg Mason. Dennis has provided invaluable support to our mission of returning Legg Mason to a position of industry leadership and I look forward to working with Dennis and all of our board members as we capitalize further on the opportunities before us.”

“I am also delighted that John Murphy has today become the company’s lead independent director,” Sullivan continued. “John brings over 30 years of experience in a variety of leadership roles in the investment management industry and will provide a valuable perspective to our board as Legg Mason moves forward.”

About Joseph A. Sullivan

Joseph A. Sullivan is president and chief executive officer of Legg Mason, Inc. Mr. Sullivan also serves as a current trustee and former chairman of the Securities Industry Institute, was a former chairman of the Fixed Income Committee of the National Association of Securities Dealers (NASD), a board member of the Bond Market Association and a member of the New York Stock Exchange (NYSE) Hearing Board.

Mr. Sullivan joined Legg Mason in September 2008 and, after serving as head of Global Distribution and chief administrative officer, was appointed interim chief executive officer in October 2012. Before joining Legg Mason, he served on the Board of Directors of Stifel Financial and as executive vice president and head of Fixed Income Capital Markets for Stifel Nicolaus from December 2005. Mr. Sullivan has more than 30 years of industry experience, holding prior executive roles at Legg Mason Wood Walker, Dain Bosworth and Piper Jaffray.

Mr. Sullivan earned a Bachelor of Arts degree in Economics from St. John’s University and is a graduate of The Securities Industry Institute at the Wharton School of Business at the University of Pennsylvania. Mr. Sullivan is active in public service and committed to improving education having served as a member of the Boards of Trustees for Catholic Charities, St. Ignatius Loyola Academy, chairman of the Board of Trustees of Loyola Blakefield and president of the Baltimore Youth Hockey Association.

About John V. Murphy

John V. Murphy has been a director of Legg Mason since June 2013 and is currently engaged in private investment activities. Mr. Murphy was employed by Korn/Ferry International, an executive search firm, from 2010 to 2012.

From 2000 to 2009, Mr. Murphy was employed in various senior positions with OppenheimerFunds Inc., an asset management firm, including chairman, president and chief executive officer. He also served as a director of over 60 mutual funds in the OppenheimerFunds complex and from 2007 to 2009, Mr. Murphy served as chairman of the Investment Company Institute’s Board of Governors. Prior to joining OppenheimerFunds, he spent eight years with MassMutual Financial Group, OppenheimerFunds’ parent company, in a variety of senior roles. Before that, he was a founding principal of Liberty Financial Companies Inc., an investment management firm. He began his career at Arthur Andersen & Co. in 1972 as an accountant.

About Legg Mason

Legg Mason is a global asset management firm with $708 billion in assets under management as of September 30, 2014. The company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

Source: Legg Mason, Inc.

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