Legg Mason exec steps down

James Hirschmann, chief executive of bond management firm Western Asset Management in Pasadena, has stepped down as president of Western’s parent company, Legg Mason Inc. -- taking himself out of the running to succeed Raymond “Chip” Mason, 70, as CEO of the Baltimore-based financial firm.

Hirschmann, 46, said he came “to the very difficult decision that it is not in my children’s best interest to uproot them” and move to Baltimore. He will remain CEO of Western.

-- Tom Petruno