BALTIMORE - Asset manager Legg Mason Inc. said Monday it tapped its chief executive as its next chairman under its succession plan.

Mark Fetting, president, chief executive and a director, will succeed Legg Mason co-founder Raymond A. Mason, who has served in a non-executive capacity since Fetting's appointment as chief executive in January.

Mason will continue to serve as a senior adviser after his departure, the company said.

Legg Mason shares ended trading up $1.41, or 7.9 percent, at $19.32.