Ronald R. Dewhurst, head of global investment managers, and Thomas P. Lemke, general counsel and head of governance, have left Legg Mason, confirmed spokeswoman Mary Athridge.
The departures were effective March 31. They were part of a restructuring of executive roles following the hiring in February of Joseph A. Sullivan as president and CEO.
Mr. Dewhurst had been one of two internal candidates for president and CEO. He will not be replaced; his duties on the executive committee overseeing the firm's affiliate money managers will be taken on by Mr. Sullivan.
Mr. Dewhurst could not be reached for further information.
Mr. Lemke is being replaced by Thomas Merchant, Legg Mason's corporate general counsel, who was promoted to general counsel and will retain his role as corporate secretary and oversee the firm's legal and compliance divisions.
As a further part of the restructuring, Jennifer Murphy, previously president and CEO of Legg Mason Capital Management, was promoted to chief administrative officer and will join Mr. Merchant on the firm's executive committee reporting to Mr. Sullivan.
Mr. Sullivan previously had been chief administrative officer until December 2010, when he became head of global distribution. No one had held the title since then, according to Ms. Athridge.
Legg Mason Capital Management will be folded into the firm's ClearBridge Investments affiliate in June.
Other new members of the executive committee are Pete Nachtwey, chief financial officer, and Terry Johnson, head of global distribution.
A fifth new member of the executive committee will be an executive to lead an “expanded business and product development function,” according to a news release from the firm. He or she is in the process of being hired. According to the release, the executive in the new role “will be responsible for broadening the company's investment offerings to institutional and retail clients organically through new product development and through acquisition.”
Ms. Athridge had no further information on a hiring date.
Mr. Sullivan said in the news release, “These leadership changes reflect the way I plan to manage Legg Mason to deliver on our key business objectives of maintaining a relevant and comprehensive product set, delivering compelling investment performance, and creating a world class institutional and retail distribution platform that rewards our shareholders.”
