Western Asset Management Company Announces Leadership Transitions

Thomas J. Gahan named President and Chief Executive Officer

James W. Hirschmann III named Chairman

PASADENA, Calif.--(BUSINESS WIRE)--Western Asset Management Company (“Western Asset” or the “Company”), a global manager of active fixed-income solutions, announced today the appointment of Thomas J. Gahan to President and Chief Executive Officer. James W. Hirschmann III assumes the role of Chairman. Both roles are effective immediately. In addition, Mr. Gahan will continue in his role as Chairman of Benefit Street Partners (“BSP”).

With over 35 years of experience, Mr. Gahan is an industry veteran with expertise in fixed income, alternatives and other asset classes, as well as executive leadership. Most recently, Mr. Gahan served as Founder and Chairman of Benefit Street Partners, a leading alternative credit manager with over $75 billion in assets under management.

Mr. Gahan, as CEO, founded Benefit Street Partners in 2008 and joined Franklin Templeton in 2019 as part of the BSP acquisition. Previously, he held several leadership roles at Deutsche Bank, including CEO of Deutsche Bank Securities Inc., Global Head of Capital Markets, Head of Corporate and Investment Banking in the Americas and Chairman of the Principal Investment Committee. He was also a member of the Global Banking Executive Committee and the Global Markets Executive Committee. Earlier in his career, Mr. Gahan spent eleven years at Merrill Lynch in its fixed income division, including serving as Global Head of Credit Products.

Since joining the firm in 1989, Mr. Hirschmann has been pivotal in Western Asset’s growth. As Chairman, he will continue to focus on building and strengthening relationships with clients globally. He will leverage his decades of experience and knowledge of Western’s operations to ensure a smooth transition.

“The fixed income landscape is at an important crossroads and the next frontier of growth will be in providing investors solutions across the full spectrum of private and public market offerings,” said Jenny Johnson, President and CEO of Franklin Resources, Inc. “Tom’s strong leadership, operational experience and deep understanding of credit markets will be instrumental in leveraging Western Asset’s strengths to position the firm for long-term success. Jim’s commitment to Western Asset has been unwavering and he will continue to play a key role by focusing on enhancing and building client relationships.”

“I look forward to stepping into my new role as Chairman and working closely with Tom to ensure a smooth transition for our valued clients in this next chapter of our firm,” said Mr. Hirschmann. “It has been a privilege to serve as President and CEO of Western Asset for over two decades, and I am confident that Tom is the right person to lead us as we strengthen our client offerings.”

“I am excited to take on additional responsibilities as President and CEO of Western Asset,” said Mr. Gahan. “I look forward to working closely with Jim, Mike Buchanan and the rest of the talented team. Together, Western Asset is well positioned to capture evolving investor preferences and long-term growth opportunities across dynamic fixed income markets.”

About Western Asset Management Company

For over half a century, Western Asset has delivered long-term fundamental value investment solutions to our clients. With approximately $330 billion in client assets under management and deep experience across the range of fixed-income sectors, Western Asset is recognized as one of the world’s leading fixed-income managers. For more information, go to westernasset.com.