Business Context and Reporting Period
This Form 8-K is a current report filed by LMP Capital & Income Fund Inc. on June 14, 2013, covering events occurring on June 1, 2013. The filing addresses significant changes in the Fund's corporate governance and leadership structure.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure of Leadership: R. Jay Gerken retired as director, Chairman, Chief Executive Officer, and President of the Fund and other closed-end funds advised by Legg Mason Partners Fund Advisors, LLC (LMPFA), effective June 1, 2013.
- Appointment of New Leadership: Kenneth D. Fuller was appointed as a member of the Board of Directors, Chairman, Chief Executive Officer, and President of the Fund, effective June 1, 2013.
- Advisor Role Change: Effective June 1, 2013, Mr. Fuller also assumed the role of President and Chief Executive Officer of LMPFA.
Outlook, Risks, and Management Commentary
The filing includes a press release (Exhibit 99.1) detailing the transition. Mr. Fuller brings extensive experience, having served as a Managing Director of Legg Mason & Co., LLC since 2013, and previously held senior roles at T. Rowe Price Associates. The filing notes that the information disclosed is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, limiting its incorporation by reference into other filings.
Investor Verification Checklist
- Confirm the effective date of the leadership transition (June 1, 2013).
- Review the full text of the press release (Exhibit 99.1) for additional context on the succession plan.
- Verify Mr. Fuller's prior compensation arrangements and potential conflicts of interest given his multiple roles within the Legg Mason ecosystem.
- Check subsequent filings for any impact of this leadership change on the Fund's investment strategy or performance.