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Legg Mason names 4 to executive committee

BALTIMORE (AP) -- Money manager Legg Mason Inc. on Tuesday named four people to its executive committee, saying that the moves will help align its executive team with its growth objectives.

Joseph Sullivan, who became the Baltimore company's permanent CEO in February, said Legg Mason will focus on expanding investment products, working with its affiliate partners and strengthening its global distribution platforms.

The new executive committee members include Chief Financial Officer Pete Nachtwey and Terry Johnson, its head of global distribution.

The company also promoted Jennifer Murphy, who previously served as president and CEO of Legg Mason Capital Management, to the role of chief administrative officer. And it promoted Thomas Merchant, its corporate general counsel, to the role of general counsel. Both Murphy and Merchant also were named to the executive committee.

Thomas Lemke, the company's general counsel and head of governance, and Ronald Dewhurst, former head of global investment managers, will both leave the company. Dewhurst had recently been one of two internal candidates to become the company's CEO, Legg Mason said.

Legg Mason shares added 7 cents to $31.63 in morning trading.