Top Baltimore-area business stories of 2012
Endings and new beginnings abound, from a massive closure to an IPO
By Jamie Smith Hopkins
Legg Mason's CEO resigns( Algerina Perna, Baltimore Sun / July 27, 2010 )
Legg Mason's first CEO ran the Baltimore money management firm for nearly four decades. The second did so for less than five years — which included some of the most economically tumultuous of the company's (and country's) history.
When Mark R. Fetting announced he would step down in October, he got a reaction from investors that was more parting shot than parting gift: Legg Mason's stock price jumped more than 5 percent. Even with that increase, shares were still off more than 60 percent from the day Fetting took the top job in early 2008 — right as the nation was plunging into the financial crisis.
Legg Mason, now headed by an interim CEO, is searching for a permanent replacement. Its most recent quarterly report suggests improvement, with a profit of about $80 million over the summer. The lingering question: what activist shareholder Nelson Peltz — a Legg director — has in mind for the company. Industry experts believe he pressed for Fetting to go.