Legg Mason Inc. announced Friday that its chief administrative officer will leave the investment manager.
Timothy Scheve, who has been with the Baltimore company for 23 years, will become the president and chief executive officer of the Philadelphia securities brokerage Janney Montgomery Scott LLC in August.
Legg Mason said its chairman, Raymond A. "Chip" Mason, will oversee the administrative units that have reported to Mr. Scheve.
It is the second major executive change in the past five weeks for Legg Mason, which announced April 24 that James W. Hirschmann 3rd would step down as president and chief operating officer after less than a year in the posts.
Mr. Hirschmann, who is to remain the CEO of Western Asset Management Co. in Pasadena, Calif., Legg's largest subsidiary, was viewed as Mr. Mason's likely successor. Legg announced in April that Mr. Mason, 70, would resume the role of president and lead the company for at least two more years, during which he and Legg's board would seek a successor.
