Legg Mason Inc. (LM:US) named Dennis Kass as non-executive chairman of its board, replacing Allen Reed, who was appointed to the role in September.
Kass joined Legg Mason’s board in April after retiring last year as chairman of Jennison Associates, an asset-management firm owned by Prudential Financial Inc., according to a statement today from the Baltimore-based money manager. Reed, who will continue on the board, oversaw a strategic review of Legg Mason’s business model and operations and led the search committee for a new chief executive officer that started last year.
Joseph A. Sullivan took over as Legg Mason’s interim CEO in October and was permanently appointed to the position in February. Mark Fetting stepped down as CEO Oct. 1 under pressure from activist investor Nelson Peltz after failing to end almost five years of client redemptions.
Kass, 62, previously spent more than a decade at JPMorgan Chase & Co.’s investment unit. He served in President Ronald Reagan’s administration from 1985 to 1987 as assistant secretary of the U.S. Labor Department, where he was responsible for pension and welfare benefits.
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