Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:He Picked Sullivan, and Now He's On Legg's Board Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, June 6, 2013

He Picked Sullivan, and Now He's On Legg's Board

Reported by Tommy Fernandez

What a tangled web we weave in this industry.

Legg Mason [profile] has named two new people to its board of directors, to replace members who are retiring.

The new directors are John Murphy and John Myers.

Murphy's credentials include serving as a former chair of the Investment Company Institute and as CEO and chairman of OppenheimerFunds.

Myers, meanwhile, is the retired president and chief executive of GE Asset Management. According to a press statement, the firm grew from $20 billion in assets under management in 1986 to $200 billion when he retired in 2006. Since his retirement Myers has served as a senior advisor with Angelo, Gordon & Co., a $25 billion privately-held investment advisor dedicated to alternative investing.

They are succeeding Dennis Beresford and Nicholas St. George, who are retiring from the board next month.

There is at least one other interesting detail to note about Murphy though, which you can find from perusing this SEC Filing. Until the end of last year, Murphy was an employee of the executive search firm Korn/Ferry, which conducted the search for a new chief executive of Legg Mason following the resignation of Mark Fetting. We all know that that search led to Sullivan's appointment.

What the SEC filing reveals is that Murphy took part in the search that led to Sullivan's appointment.

Here are the details from Legg's 8-k filing:

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(d) On June 5, 2013, the Board of Directors (the "Board") of Legg Mason, Inc. (the "Company") elected John V. Murphy and John H. Myers to serve, effective immediately, as independent directors of the Company, increasing the size of the Board from 14 to 16. Messrs. Murphy and Myers will serve as members of the class whose term expires at the 2013 Annual Meeting of Stockholders. Messrs. Murphy and Myers will be compensated as non-employee directors in accordance with the Company's non-employee director compensation policies and the Non-Employee Director Equity Plan as described in the Company's 2012 Proxy Statement. Mr. Murphy is a former employee of Korn/Ferry International ("Korn/Ferry"), an executive search firm that the Board retained during fiscal year 2013 to help identify a Chief Executive Officer. Mr. Murphy worked on the engagement; however, the engagement had no effect on Mr. Murphy's compensation from Korn/Ferry. In connection with that engagement, Legg Mason paid approximately $900,000 to Korn/Ferry for services provided in fiscal year 2013. Mr. Murphy left Korn/Ferry on December 31, 2012, prior to joining our Board.

The filing also reveals that the Board appointed Murphy to serve on the Company's Audit and Compensation Committees and Myers to serve on the Company's Nominating & Corporate Governance and Risk Committees. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

0.0
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2024: Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use