Nachtwey didn’t run and hide from the news, addressing it off the top by saying the board and Fetting had decided it was time for a leadership change and that the focus for the company was on growth.

The very first questioner he faced asked for more details on the timing of the announcement. Nachtwey said the move was made without a successor in place so that Legg Mason could conduct the search in the open and not be subjected to rumors.

This isn’t something that was being done just overnight or in reaction to anything urgent” Nachtwey said. “No bum’s rush whatsoever, Mark is still a valued partner, he is very active.”