Legg Mason names search adviser, former GE official to board

Thu Jun 6, 2013 10:06am EDT

(Reuters) - Asset manager Legg Mason Inc (LM.N) on Thursday named a former search firm adviser and the former leader of General Electric Co's (GE.N) asset management business to its board, replacing two directors who will step down in July.

In the first appointment Legg Mason of Baltimore named as a director John Murphy, who most recently had advised executive-recruitment firm Korn/Ferry International (KFY.N). Legg Mason had hired the firm in its search for a new chief executive that led it to name Joseph Sullivan as CEO earlier this year.

Murphy had also been chief executive of Oppenheimer Funds and was chairman of the Investment Company Institute, the mutual fund industry trade group in Washington.

In addition, Legg Mason named to its board John Myers, retired CEO of GE Asset Management. Legg Mason said its board will remain at 14 members once Dennis Beresford and Nicholas St. George retire in July.

(Reporting by Ross Kerber in Boston; editing by Matthew Lewis)

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