Old Friends Get New Titles At BlackRock, Legg Mason

If you should ever be able to broker a deal like BlackRock's for Barclays Global Investors, it may be worth your while to do so.
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If you should ever be able to broker a deal like BlackRock's for Barclays Global Investors, it may be worth your while to do so.

BlackRock Inc named Morgan Stanley banker and long-time financial advisor Gary Shedlin as its next chief financial officer, to succeed Ann Marie Petach….

Most notably, Shedlin advised on BlackRock's 2009 purchase of Barclays' investment business to create the world's largest money manager. The former Barclays exchange-traded fund unit, iShares, has been a stellar performer and helped the New York-based firm please investors with expanding profit margins.

Down the cost in Charm City, Legg Mason's board has removed the "interim" from Joseph Sullivan's title as he girds his loins for battle with Nelson Peltz. It seems there were no better alternatives.

Legg Mason Inc. said Wednesday that interim Chief Executive Joseph Sullivan will remain in that post permanently, ending a months-long search that stretched across Wall Street….

Legg Mason directors reviewed about 15 external candidates and two internal candidates, according to a person familiar with the search.

Recruiters Korn/Ferry International handled the CEO search.

And really earned their keep, don't you think?

BlackRock names Morgan Stanley banker Shedlin CFO [Reuters]
Legg Mason Names Sullivan CEO [WSJ]

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