Wright leaves Legg after 6 months

Mason says CFO wanted to devote time to her family

Executive suite

June 09, 1999|By Bill Atkinson | Bill Atkinson,SUN STAFF

Beverly L. Wright has resigned as chief financial officer of Legg Mason Wood Walker Inc. after six months on the job, the company's top official confirmed yesterday.

Raymond A. "Chip" Mason, chairman and chief executive of Baltimore-based Legg Mason Inc., parent of Legg Mason Wood Walker, said Wright left the firm to "devote most of her time to her family."

"She decided that this was the best thing for her to do," Mason said. "In time, things change. It was a decision that was probably the right thing to do, to devote her full time" to her two children.

Wright, who resigned last month, joined Legg Nov. 23. She had left Alex. Brown Inc., where she also was CFO, in October.

She followed a parade of top executives who left Alex. Brown after it was acquired by New York-based Bankers Trust Co. in September 1997. Bankers Trust and Alex. Brown were acquired last week by Deutsche Bank AG, the world's largest banking company, which is based in Frankfurt, Germany.

Legg not only hired Wright from Alex. Brown, but also added Robert F. Price, Brown's general counsel and managing director. Price is Legg's senior vice president and general counsel.

Wright could not be reached for comment.

She received a graduate degree from Harvard University's School of Business Administration in 1974. She had been Alex. Brown's CFO since the company went public in 1986, and she was praised for her talents and known for being hard-nosed and a stickler for details.

Mason described her as "very competent." She "certainly knows this business," he said.

Mason said a search is under way to find Wright's replacement. In the meantime, Timothy Scheve, Legg's executive vice president for administration, will handle her duties.

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