Legg CEO addresses stock decline at annual meeting

Shares have lost more than half their value since beginning of year Presiding over his first annual meeting as Legg Mason Inc.'s chief executive, Mark Fetting told a packed crowd this morning that he understands shareholder frustration over the Baltimore money manager's slumping performance and stock. "Clearly, these are difficult times for the market. In fact, at Legg Mason, we have work to do in our own business, and we are doing it," said Fetting, who became president and CEO in January. "I'd like you to be mindful as a fellow shareholder, I'm keenly, keenly aware of the decline in the stock price," he added. "It's a tough time in the market. If you look at asset managers generally, they've declined on a year-to-date basis, somewhere between 25 to 30 percent. If you look at our decline, it's been basically double that.... [read full story]