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Tuesday, September 28, 2004

Legg Mason Elects Two Directors

by: Theresa Sim

Legg Mason Funds have found a replacement for a departing director and added one. Ruby Hearn, senior vice president of the Robert Wood Johnson Foundation, and Robert Tarola, senior vice president and chief financial officer of W.R. Grace & Co., joined the board as independent directors.

The two were elected to the board after an extensive, year-long search, said Jeffrey Bukowski, spokesman for Legg Mason. There are 10 directors (8 independent) on all but one of the Legg Mason funds. For the Legg Mason Opportunity Trust fund, there are 11 board members, 8 of which are independent.

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The distributor of Legg Mason Funds, Legg Mason Investments, hired Richard Gillham away from Merrill Lynch Investment Managers for a newly created role as a portfolio specialist, according to Reuters. Gillham was previously a senior U.S. equity product specialist at Merrill. 

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