Last summer, while in thernthroes of a transformational merger with Citigroup Asset Management, Legg Mason chairman and CEO Raymond (Chip) Mason surprised colleagues and competitors alike by anointing James Hirschmann as president and chief operating officer. Hirschmann, who had made his mark piloting Western Asset Management Co., Legg's fixed-income unit, was a reluctant heir apparent, telling Institutional Investor last winter that taking the promotion "was a difficult decision," one that he had "thought long and hard about."
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