Legg Mason veteran tapped to head Janney

Janney Montgomery Scott L.L.C., a 175-year-old securities broker-dealer in Philadelphia, yesterday named a Legg Mason veteran as its new president and chief executive officer.

Timothy C. Scheve will succeed James W. Wolitarsky on Aug. 1. Wolitarsky said in February that he would leave this summer after six years on the job.

Scheve, 49, a Baltimore resident, was not available for an interview yesterday, a Janney spokeswoman said.

"We believe that the strong foundation built by Jim Wolitarsky and his experienced management team . . . will be continued under Tim Scheve's leadership," said Robert E. Chappell, chairman and chief executive of Penn Mutual Life Insurance Co., which has owned Janney since 1982.

Janney said Scheve has 23 years of securities industry experience, including a period as chief executive of Legg Mason Wood Walker Inc., Legg Mason's broker-dealer business, which Citigroup took over two years ago.

Janney, which said it is the second-oldest member of the New York Stock Exchange, operates nearly 100 branches along the East Coast with 900 financial consultants. The firm said the Securities Industry and Financial Markets Association places Janney 15th among brokerages in the number of registered representatives.