Legg Mason Inc.'s new CEO, Joseph A. Sullivan, announced Tuesday a shake-up of his executive team and the exit of some top officials, including one who had been in the running for chief executive.
Sullivan, a Legg insider who was named CEO and president in February, had been serving as interim chief executive after Mark R. Fetting stepped down in October. The Baltimore-based money manager in recent years has suffered from poor performance among some of its mutual funds as well as an outflow of investor dollars.
The executive team will focus on supporting Legg's affiliates and expanding investment offerings, including through acquisitions, Sullivan said.
But Legg will...