Ken Leech, Co-Chief Investment Officer of Franklin's Western Asset Management, Takes Leave of Absence

Michael Buchanan Named Chief Investment Officer

Leech to Focus on Personal Health

Western Asset Management, a subsidiary of Franklin Resources (NYSE:BEN), announced on Wednesday that Ken Leech, co-chief investment officer, is taking an immediate leave of absence from the firm to focus on his personal health.

Michael Buchanan, who has been with Western Asset Management for over 20 years, has been named chief investment officer.

Leech joined Western Asset Management in 1992 and has served as co-chief investment officer since 2016. He is a highly respected fixed-income investor with over 30 years of experience in the industry.

In a statement, Franklin Resources CEO Jenny Johnson said, "Ken is a valued member of our team, and we support his decision to take a leave of absence to focus on his health. We wish him all the best and look forward to his return."

Buchanan has been with Western Asset Management since 1998 and has served as head of global fixed income since 2018. He is a highly experienced fixed-income investor with a deep understanding of the global fixed income markets.

In a statement, Buchanan said, "I am honored to be appointed chief investment officer of Western Asset Management. I look forward to working with our talented team to continue to deliver strong investment performance for our clients."