Legg Mason Inc.'s board of directors elected the Baltimore-based money management firm's president and CEO to be chairman of the board, the company announced Tuesday.
Joseph A. Sullivan, who joined Legg Mason in 2008 to lead global distribution efforts and administrative operations, was appointed interim CEO in 2012. He will take over as chairman of the board immediately, the company said.
Sullivan will succeed Dennis M. Kass, who has been chairman since 2013 and will continue to serve as a board member.
Legg Mason also announced it had selected John V. Murphy as lead independent director. A director since 2013, Murphy was previously chairman, president and CEO of OppenheimerFunds Inc.