The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:Sullivan Trims 120, Including Four From the Top Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, May 24, 2019

Sullivan Trims 120, Including Four From the Top

News summary by MFWire's editors

Joe Sullivan is cutting about 12 percent of his team worldwide, including half of his executive committee, three days after a familiar activist investor rejoined the company's board of directors.

Joseph A. Sullivan
Legg Mason Global Asset Management
Chairman & CEO
Bloomberg and the Baltimore Business Journal report that the Legg Mason [profile] CEO is laying off about 120 employees worldwide (out of about 1,000), per a memo from Sullivan. A Legg spokeswoman tells Bloomberg that nearly 100 of those cuts will be here in the U.S.

News of the cuts come after Trian Partners chief Nelson Peltz and a colleague joined Legg's board, trumpeting "significantly reducing costs" of their "three most important priorities" for Legg. Trian now owns about 4.5 percent of Legg.

The cuts will reportedly include four executive committee members: Fran Cashman, global head of marketing and communications, who will leave at the end of 2019; Tom Hoops, head of business development, who will also leave at the end of the year; John Kenney, global head of affiliate strategic initiatives, who will also leave at the end of 2019; and Ursula Schliessler, chief administrative officer, who will leave on July 1.

The remaining executive committee members will be: Terry Johnson, head of global distribution, who will also oversee marketing; Patty Lattin, chief human resources officer, who will also oversee facilities and real estate; Tom Merchant, general counsel, who will also become head of risk management; and Pete Nachtwey, chief financial officer, who will also oversee communications and affiliate relations. Meanwhile, Sullivan will gain three more direct reports: chief diversity officer Regina Curry, chief technology officer Dana Jackson; and M&A chief Jeff Nattans.

"The streamlined leadership team will be focused on meeting the evolving needs of our clients in a compelling and differentiated way, as well as implementing our strategic restructuring, both of which are critical to our success," Sullivan reportedly wrote in the memo.

The publicly traded, Baltimore-based multi-boutique has $758 billion in AUM. 

Edited by: Neil Anderson, Managing Editor

Stay ahead of the news ... Sign up for our email alerts now

 Do You Recommend This Story?

Return to Top
 News Archives
2024: Q3Q2Q1
2023: Q4Q3Q2Q1
2022: Q4Q3Q2Q1
2021: Q4Q3Q2Q1
2020: Q4Q3Q2Q1
2019: Q4Q3Q2Q1
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Add to My Yahoo!
follow us in feedly

  1. MFDF webinar - Lessons Learned from the Regional Bank Volatility and the Impact on Registered Funds, June 18
  2. IMEA webinar - Snapshot on the Talent Landscape, June 18
  3. 2024 MMI National Accounts Roundable, June 18
  4. MMI webinar - RIA Consolidators: The New Key Accounts?, June 20
  5. MFDF Director Discussion Series - Open Forum (Philadelphia), June 20
  6. MMI webinar - DoL Fiduciary Rule Update: What Are the Implications?, June 21
  7. WE Chicago - Pre-Morningstar Conference reception, June 25
  8. Celebrating 100 Years of the Mutual Fund, June 25
  9. New York YPEM Cornhole Classic, June 25
  10. Morningstar Investment Conference Conference 2024, Jun 26-27
  11. 2024 MMI Institutional Roundtable, June 26
  12. WE PNW Seattle - Pickleball and Networking, June 27
  13. Celebrating 100 Years of the Mutual Fund, July 11
  14. MFDF webinar - Mid-Year Tax Update for Registered Investment Companies, July 16
  15. MFDF Director Discussion Series - Open Forum via Zoom, July 17
  16. MFDF Director Discussion Series - Open Forum (New York), July 23
  17. IMEA Portfolio Construction Roundtable, September 19
  18. MFDF Continuing Regulatory Impacts on Fund Boards program, October 15
  19. 2024 MMI Annual Conference, Oct 15-17
  20. IMEA Philanthropic Day, October 22
  21. IMEA Leadership Summit, October 23
  22. IMEA Star Awards Celebration, October 23
  23. IMEA Marketing Summit, October 24
  24. 5th Annual ETFGI Global ETFs Insight Summit, October 29
  25. MFDF Director Discussion Series - Open Forum (Denver), November 6
  26. MFDF webinar - Digital Assets in the Fund Space (part 2 of 2), November 7

©All rights reserved to InvestmentWires, Inc. 1997-2024
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use