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Legg's ClearBridge CEO steps down

Peter Sundman, the chief executive officer of ClearBridge Advisors, has left Legg Mason's largest stock-fund division based in New York, the Baltimore company said Friday.

In a letter to clients on Dec. 1, ClearBridge said Sundman's duties have been merged with those of the president, Terrence Murphy.

Legg spokeswoman Mary Athridge said the roles of chief executive and president had overlapping responsibilities that could be combined for efficiency.

Sundman joined ClearBridge in December 2008. He was previously chief executive of Neuberger Investment Management's fund division.

Murphy has been part of ClearBridge and its predecessor companies since 2000.

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