Legg Mason is going through some top-end turnover.
A little more than a month apart, senior executive vice president and chief administration officer Timothy Scheve and president and chief operating officer James Hirschmann III both gave notice to the Baltimore-based asset management firm.
Scheve noted he was leaving to pursue a career interest, while Hirschmann will leave for family reasons.
“While I believed when I accepted the position that I could split my time between Baltimore and Pasadena (Calif.), I now fully appreciate that the job requires someone who will devote his or her full time and energy in Baltimore,” Hirschmann said in a statement.
Hirschmann will resume his previous job as chief executive officer of California-based Western Asset Management, a subsidiary of Legg Mason. He had been with Western Asset since 1989.
Meanwhile, Scheve is leaving to take the job of president and chief executive officer at Janney Montgomery Scott LLC, a Philadelphia-based securities brokerage firm. With Legg Mason for 23 years, Scheve?s biggest contribution was integrating Citigroup Asset Management as part of Legg since 2005.
“Now that the transition is successfully behind us, I felt the time was right for me to take on this new challenge,” Scheve said in statement.
As a company, Legg Mason received solid reviews despite the turnover.
Following the release of fourth-quarter numbers, including a $4.3 billion net revenue, the $969 billion asset manager saw its stock rating go up. Morningstar, a financial analysis Web site, changed its rating of Legg Mason from three stars to four on Thursday.
“Unlike prior quarters, in which Legg was buffeted by unexpected charges and outflows, this quarter?s results were devoid of unwelcome surprises, lending further credence to our belief that the knottiest parts of the Citigroup Asset Management integration are behind the firm,” Morningstar analyst Jeffrey Ptak said in his May report.
Legg Mason is part of The Examiner Top 10, a portfolio of some of the largest publicly traded companies based in the region.
