Joseph Sullivan will be named CEO of Legg Mason on Wednesday, according to a source close to the situation who asked not to be identified.
Mary Athridge, Legg Mason spokeswoman, said in an e-mail Tuesday night that the company would have no comment.
Mr. Sullivan replaces Mark Fetting, who resigned as chairman and CEO Oct. 1. Mr. Sullivan has been interim CEO since Mr. Fetting's departure; before that, Mr. Sullivan was senior executive vice president and head of global distribution. Lead independent director W. Allen Reed became non-executive chairman.