Legg’s Hirschmann stepping down

Legg Mason Inc. today said James W. Hirschmann III has decided to relinquish his responsibilities as president and chief operating officer at the Baltimore-based money management firm. He will remain based in California as chief executive officer of Western Asset Management Co., Legg Mason’s global fixed income asset manager and largest subsidiary. Mr. Hirschmann made the decision “for personal and family reasons,” Legg Mason said in a release. Raymond A. “Chip” Mason, Legg Mason’s chairman and CEO, will reassume the additional responsibility of president and has committed to continue to lead the company for at least two more years. During that period, Mr. Mason and Legg Mason’s board of directors will work to identify Mr. Mason’s successor. “Being appointed president and chief operating officer of Legg Mason a year ago was a great honor,” Mr. Hirschmann said in a statement. “And, while I believed when I accepted the position that I could split my time between Baltimore and Pasadena, I now fully appreciate that the job requires someone who will devote his or her full time and energy in Baltimore.” Headquartered in Pasadena, Calif., Western Asset Management had assets under management of about $572.8 billion at Dec. 31, representing about 60% of Legg Mason’s total assets under management.