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LM > SEC Filings for LM > Form 8-K on 6-Jun-2013All Recent SEC Filings

Show all filings for LEGG MASON, INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for LEGG MASON, INC.


Change in Directors or Principal Officers

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(d) On June 5, 2013, the Board of Directors (the "Board") of Legg Mason, Inc. (the "Company") elected John V. Murphy and John H. Myers to serve, effective immediately, as independent directors of the Company, increasing the size of the Board from 14 to 16. Messrs. Murphy and Myers will serve as members of the class whose term expires at the 2013 Annual Meeting of Stockholders. Messrs. Murphy and Myers will be compensated as non-employee directors in accordance with the Company's non-employee director compensation policies and the Non-Employee Director Equity Plan as described in the Company's 2012 Proxy Statement. Mr. Murphy is a former employee of Korn/Ferry International ("Korn/Ferry"), an executive search firm that the Board retained during fiscal year 2013 to help identify a Chief Executive Officer. Mr. Murphy worked on the engagement; however, the engagement had no effect on Mr. Murphy's compensation from Korn/Ferry. In connection with that engagement, Legg Mason paid approximately $900,000 to Korn/Ferry for services provided in fiscal year 2013. Mr. Murphy left Korn/Ferry on December 31, 2012, prior to joining our Board.

The Board appointed Mr. Murphy to serve on the Company's Audit and Compensation Committees and Mr. Myers to serve on the Company's Nominating & Corporate Governance and Risk Committees.

A copy of the related press release is attached hereto as Exhibit 99 and is incorporated herein by reference.

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