NEW YORK, March 12 /CNW/ -- ClearBridge Advisors, a leading asset
manager, announced today that Brian S. Posner has decided to step down as
Chief Executive Officer and co-Chief Investment Officer, effective March 31,
2008, to pursue entrepreneurial activities in financial services. ClearBridge
Advisors is a unit of Legg Mason.
The operating leadership team led by Hersh Cohen as sole Chief Investment
Officer and Terrence Murphy as Chief Operating Officer will continue to run
the day-to-day business of the firm. Peter L. Bain, Senior Executive Vice
President of Legg Mason, will become ClearBridge's interim Chairman on March
31, and will assist the management team in transitioning to a new CEO. The
Legg Mason Partners Capital fund, which Mr. Posner co-managed, will continue
to be managed by Brian Angerame.
Mark Fetting, Legg Mason's President and Chief Executive Officer, said,
"During the critical period in which we established ClearBridge, Brian helped
set the firm on the right course, for which we are grateful. Together with the
strong team of experienced portfolio managers at ClearBridge, we intend to
continue to build on that progress, and we wish Brian well. While we are
sorry to see him go, we are also pleased that he has agreed to be available to
consult beyond March 31 to ensure a seamless transition."
Mr. Posner said, "It has been an honor and privilege to lead the
transformation of ClearBridge Advisors since its acquisition by Legg Mason in
2005. I am fully confident in the ability of ClearBridge's talented group of
investment professionals and strong leadership team to meet its objective of
providing investors with superior performance and service."
ClearBridge Advisors is a US equity manager that was established by Legg
Mason in early 2006 after Legg Mason acquired the asset management arm of
About Legg Mason
Legg Mason is a global asset management firm, with $998 billion in assets
under management as of December 31, 2007. 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 (NYSE: LM).
For further information:
For further information: Mary Athridge of ClearBridge Advisors,
+1-212-805-6035 Web Site: http://www.leggmason.com