Legg Mason's Board Appoints Mark Fetting President and Chief Executive Officer

    BALTIMORE, Jan. 28 /CNW/ -- The Board of Directors of Legg Mason, Inc.
(NYSE:   LM) today announced that it has appointed Mark R. Fetting President and
Chief Executive Officer and member of the Board of Directors, effective
immediately.  Raymond A. ("Chip") Mason, Legg Mason's co-founder and long-time
Chairman, President and Chief Executive Officer, will serve as non-executive
    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 served in key strategic and operating roles and was
instrumental since he joined the firm in the successful acquisitions that
transformed Legg Mason from a regional securities firm into one of the largest
asset managers in the world, with approximately $1 trillion under management.
    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. Of the many
qualified candidates we met, Mark is uniquely qualified to further capture the
power of the Legg Mason multi-manager business model and to drive the growth
of the company on a global scale. 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. As we congratulate Mark,
the Board also wishes to greatly acknowledge the extraordinary leadership of
Chip Mason, whose integrity and vision has so influenced Legg Mason's success
over the past 38 years. We look forward to his continued counsel as a member
of the Board."
    Mr. Fetting said, "It is a deep personal honor to succeed Chip.  We first
worked together almost two decades ago and I am particularly grateful for the
most recent eight years.  Chip Mason is justly revered throughout our firm and
our industry for his unrivaled professional accomplishments and his impeccable
personal character.  He has built a strong and well-capitalized company that
is solidly positioned for the next phase of its growth, in a dynamic industry
that is rapidly transforming. As strong as we are, and as exciting as our
prospects for growth are, we are also mindful of cyclical stress that our
industry is facing and the fact that our global scale must be fully leveraged.
I am confident we can meet these challenges and I look forward to working
closely with our senior leadership team, Board of Directors, and each of our
affiliated companies to realize our collective goals and to generate
outstanding long-term value for our clients and shareholders."
    Chip Mason said, "Mark's appointment is great news for Legg Mason
shareholders, clients, affiliated companies, and employees. Mark possesses the
best characteristics of the new generation of leadership in our industry and
brings to his new responsibilities at the firm tremendous passion and drive
which I believe will suit him well as he leads our company to its next level
of growth."
    Before joining Legg Mason, Mr. Fetting, age 53, served as President of
Retirement Services for Prudential Financial Group, and played a key role in
the expansion of the firm's money management business throughout the 1990s.
Prior to his career at Prudential, Mr. Fetting specialized in business
management and strategy for investment management firms.  At Greenwich
Associates, he was a partner on the institutional investment management team,
covering pension consultants and asset managers in the U.S. and UK.  He
previously was Vice President at T. Rowe Price where he played a leading role
in the formative years of that firm's retail business.  He began his career in
credit analysis and commercial lending at Citibank, NA.  Mr. Fetting earned a
B.S. in Economics at the Wharton School of the University of Pennsylvania and
an M.B.A. with distinction from the Harvard Business School.
    Mr. Fetting will be joining Mr. Mason on the Third Quarter Fiscal 2008
earnings call Wednesday, January 30, 2008 at 8:30 am EST.
    About Legg Mason
    Legg Mason, Inc. is a global asset management firm, providing active
asset management in many major investment centers throughout the world. Legg
Mason's principal subsidiaries are Western Asset Management, Batterymarch
Financial Management, Brandywine Global Investment Management, ClearBridge
Advisors, Legg Mason Capital Management, The Permal Group, Private Capital
Management and Royce & Associates. Legg Mason is headquartered in Baltimore,
Maryland and its common stock is listed on the New York Stock Exchange (NYSE:  

For further information:

For further information: Investors, F. Barry Bilson, +1-410-454-2963, or
 Media, Mary Athridge, +1-410-454-4421, both of Legg Mason, Inc. Web Site:

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