September 27, 2012 / 8:01 PM / in 5 years

Legg Mason hires Korn/Ferry to run CEO search - sources

BOSTON, Sept 27 (Reuters) - Asset manager Legg Mason Inc has selected recruiting firm Korn/Ferry International to run its search for a new chief executive, according to two people briefed on the matter.

Baltimore-based Legg Mason announced on Sept. 11 that current CEO Mark Fetting would step down Oct. 1. Legg Mason’s board has come under increasing pressure this year to improve results and boost its lagging stock price.

Board members, including lead independent director W. Allen Reed, have declined interview requests. Legg Mason spokeswoman Mary Athridge did not immediately comment.

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