BALTIMORE - Asset manager Legg Mason Inc. said Monday it tapped its chief executive as its next chairman under its succession plan.
Mark Fetting, president, chief executive and a director, will succeed Legg Mason co-founder Raymond A. Mason, who has served in a non-executive capacity since Fetting's appointment as chief executive in January.
Mason will continue to serve as a senior adviser after his departure, the company said.
Legg Mason shares ended trading up $1.41, or 7.9 percent, at $19.32.
© 2013 Newsmax. All rights reserved.