Legg Mason could have a new chief executive as soon as Wednesday, according to the Wall Street Journal.

Ever since the departure last fall of Mark Fetting, Legg has conducted a five-month search, handled by executive search firm Korn/Ferry, for Fetting's successor. Joseph Sullivan has sat in as interim chief executive.

The WSJ says that the announcement could come as early as Wednesday, according to unnamed sources, and is likely to include the announcement of a new independent board member.

For more on this development, turn to Wall Street Journal.  

Edited by: Tommy Fernandez


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