Legg Mason Inc. has named a new president. James Hirschmann will succeed Raymond "Chip" Mason, who will remain in his roles as chief executive officer and chairman of the Baltimore-based asset management firm. The appointment will take effect on May 1.

Hirschmann, 45, is currently chief executive officer of Western Asset Management, a Legg Mason subsidiary.

"The board and I are confident that Jim's outstanding track record at Western Asset, strong character traits and proven management skills will provide Legg Mason with both an outstanding president and future leader," Mason said in a statement.

Daniel Fleet, currently chairman of Western Asset's management committee, will be elected president of that firm, according to the release.  

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