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Two insiders in the hunt for Legg Mason CEO title

Two internal candidates have emerged in Legg Mason Inc's search for its next chief executive, said people familiar with the matter.Sales chief and interim chief executive Joseph Sullivan and senior executive vice-president Ronald Dewhurst, who currently oversees affiliate relations, are on a slate of about half a dozen candidates being considered to replace Mark Fetting, who stepped down as CEO in October, said these people who did not want to be named because of the sensitivity of the situation.The Baltimore fund firm has struggled to keep investor cash and faces tensions among its affiliates. The 114-year-old company also has an activist investor on its board, Nelson Peltz, known for shaking up companies in which he hold shares.Legg Mason's board has already given Sullivan some room to run, said Gabelli & Co analyst Mac Sykes, noting how last month Legg Mason's Permal unit agreed to buy a London financial firm. The deal "shows some confidence in his execution capability" on the part ...

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