Legg Mason's James W. Hirschmann to Remain CEO at Western Asset Management Subsidiary

    BALTIMORE, April 24 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) announced today
that James W. Hirschmann, III has decided to relinquish his responsibilities
as President and Chief Operating Officer at Legg Mason, Inc. and will remain
based in California as Chief Executive Officer of Western Asset Management
Company, Legg Mason's global fixed income asset manager and largest
subsidiary. Mr. Hirschmann said the decision was made for personal and family
    Raymond A. "Chip" Mason, Legg Mason's Chairman and Chief Executive
Officer, will reassume the additional responsibility of President and has
committed to continue to lead the company for at least two more years. During
that period, Mr. Mason and Legg Mason's Board of Directors will work to
identify Mr. Mason's successor.
    Mr. Hirschmann said, "Being appointed President and Chief Operating
Officer of Legg Mason a year ago was a great honor. And, while I believed when
I accepted the position that I could split my time between Baltimore and
Pasadena, I now fully appreciate that the job requires someone who will devote
his or her full time and energy in Baltimore. I have come to the very
difficult decision that it is not in my children's best interest to uproot
them from their close friends and family members in California where we have
made our home. I am deeply grateful to Chip and the Board for their
understanding and look forward to returning full time as CEO of Western Asset
    Mr. Mason said, "We understand and respect what a close-knit family Jim
has and know he will continue to do an outstanding job at Western Asset, our
largest subsidiary."
    Western Asset Management, which is headquartered in Pasadena, California,
had assets under management of approximately $572.8 billion at December 31,
2006, representing approximately 60 percent of Legg Mason's total assets under
management. Mr. Hirschmann joined Western Asset in 1989, and was appointed its
President and Chief Executive Officer in 1999.

    Legg Mason, Inc. is a global asset management firm, with approximately
$945 billion in assets under management as of December 31, 2006. The company
provides active asset management in many 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).

For further information:

For further information: Mary Athridge of Legg Mason (London), 
+011-44-207-070-7379 Web Site: http://www.leggmason.com

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