Raymond “Chip” Mason, co-founder of prominent Baltimore-based money manager Legg Mason, has officially retired, the firm announced late Monday.
Mason led the firm from its founding 46 years ago, building it into a global business managing more than $840 million in assets for clients.
He served as chief executive officer and board chairman from 1975 until January, when Mark Fetting was named CEO.
Fetting will immediately replace Mason as chairman.
“I am honored to succeed Chip Mason as chairman,” Fetting said in a statement.
“Chip’s professional achievements are truly remarkable. He created a franchise firm, respected for both its capabilities and its character,” Fetting said.
Mason will leave the board, but continue to serve as a senior adviser to the company.
