Legg Mason on Monday announced a “realignment” of its senior management team to establish distinct global leadership roles for distribution, M&A and affiliate support within the multiboutique organization, confirmed spokeswoman Mary Athridge.
Joseph A. Sullivan, Legg Mason’s chief administrative officer, was named head of global distribution at the firm.
Mr. Sullivan’s position is new.
He will assume the international distribution responsibilities previously held by Ronald R. Dewhurst and David R. Odenath, who were head of international and head of the Americas, respectively.
Mr. Dewhurst was named head of global investment managers, a new position working on strategic initiatives with Legg Mason investment affiliates worldwide to build their businesses. Mr. Odenath will leave Legg Mason at the end of this year to pursue other opportunities. Ms. Athridge said she had no further information on Mr. Odenath’s plans, and Mr. Odenath couldn’t be reached for comment.
Jeffrey A. Nattans, head of specialized managers, was named head of M&A and business development, a new global position focusing on strategy, M&A and strategic affiliate initiatives. Previously, Messrs. Dewhurst and Odenath had handled some of those responsibilities. Mr. Nattan will retain his previous duties in his expanded role.
Peter H. Nachtwey, who joins Legg Mason in January as a senior executive vice president and CFO, will assume an expanded role that encompasses the chief administrative officer duties currently held by Mr. Sullivan.
Thomas P. Lemke, the firm’s general counsel, will join Legg Mason’s executive committee. Members of the committee will be Messrs. Lemke, Sullivan, Dewhurst, Nattans and Nachtwey, who will all report to Mark R. Fetting, the firm’s chairman and CEO. Messrs. Sullivan, Dewhurst, Odenath, Nattans and Lemke also carry the title of senior executive vice president.
In a news release, Mr. Fetting said Legg Mason is ready to play offense after years of rebuilding, with the new management structure “designed to be a catalyst for a global organization that moves with single purpose and direction.”