Prudential Financial Incorporated

Legg Mason names new chairman

Legg Mason names new chairman

Legg Mason Inc. announced the appointment of Dennis M. Kass, an independent director and former CEO, as its new chairman during the annual shareholders meeting Tuesday.

Kass, 62, joined the board of the Baltimore-based money manager in April and replaces W. Allen Reed, who had held the position since September after CEO and Chairman Mark Fetting announced his resignation.

Reed told shareholders he was stepping down for "personal family reasons" and never intended to stay in the post for long. He will remain on Legg's board, where he has served since 2006.

CEO Joseph A. Sullivan, who permanently replaced Fetting in February, said after the meeting that he has...