Joe Sullivan just shuffled up Legg Mason's [profile] board of directors a bit, with himself and another mutual fund giant's former chief ending up on top.

Today the Baltimore, Maryland-based mutual fund shop's board of directors revealed that Sullivan, already president and CEO, has taken over as chairman, effective immediately. Dennis Kass, formerly chairman since July 2013, remains on the board. And ex-OppFunds chief John Murphy, who joined Legg Mason's board in June 2013, now serves as lead independent director.

Sullivan took over Legg Mason as interim CEO two years ago.

As of September 30, Legg Mason claimed assets under management of $708 billion. 

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