Legg Mason shareholders pleased with Sullivan pick, await his next move

Legg Mason Inc.’s decision to tap Joseph A. Sullivan as the company’s permanent CEO won the endorsement of the company’s two largest shareholders on Wednesday.

That includes praise from T. Rowe Price Group Inc. chairman and chief investment officer Brian T. Rogers, whose company is Legg Mason’s (NYSE: LM) largest shareholder.

Rogers called Sullivan “a seasoned executive who knows his way around the Legg Mason organization and can work well with its investment groups.”

“We are confident…