The New York Times-20080129-Legg Mason Picks Chief From Inside

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Legg Mason Picks Chief From Inside

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The money manager Legg Mason said Monday that it had promoted Mark R. Fetting, a senior vice president, to chief executive, succeeding Raymond A. Mason, who is retiring.

The appointment, effective immediately, ends a long search for a successor to Mr. Mason, 71, who will stay on as nonexecutive chairman.

Mr. Fetting was tapped after a search that began when James W. Hirschmann III, an executive at Legg's Western Asset unit, said in April that he did not want the top job.

Mr. Fetting joined Legg Mason nearly eight years ago as a senior adviser focusing on strategy and acquisitions and was involved in the deal in which the firm, which is based in Baltimore, traded its brokerage unit for Citigroup's asset management operation.