Bill Miller is stepping down, effective April 30, as chief investment officer of Legg Mason Capital Management and portfolio manager of the Legg Mason Capital Management Value Trust and Value Equity Strategy, the company announced Thursday.
Mr. Miller will remain chairman and portfolio manager of the Legg Mason Capital Management Opportunity Trust.
Sam Peters will succeed Mr. Miller as CIO and sole portfolio manager of the Value Trust and Value Equity Strategy.
The firm had announced in May 2010 that Mr. Peters eventually would succeed Mr. Miller as the strategy’s manager but had not specified a timetable of succession. Mr. Miller first approached Mr. Peters in late 2009 regarding succession plans.
Mr. Peters has been co-manager of the strategy since November 2010. He will continue in his role as co-portfolio manager of the Legg Mason Capital Management Special Investment Trust and Midcap Strategy.