Jeanne Kelly
About Jeanne Kelly
Jeanne M. Kelly (birth year 1951) serves as Senior Vice President of Western Asset Global Corporate Opportunity Fund Inc. (GDO) and has held this officer role since 2009 . She is U.S. Fund Board Team Manager at Franklin Templeton since 2020 and previously held senior leadership roles across Franklin Templeton affiliates, including President and CEO of LM Asset Services (LMAS) and Legg Mason Fund Asset Management (LMFAM) since 2015 . Officers of the Fund receive no compensation from GDO, though reasonable travel expenses to Board meetings may be reimbursed . For context on fund performance during her tenure, GDO returned 2.27% on NAV and 2.62% on market price for the six months ended April 30, 2025, versus 3.34% for its benchmark Bloomberg Global Aggregate Corporate Index .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior leadership supporting fund governance and administration |
| Legg Mason Fund Asset Management (LMFAM) | Senior Vice President | 2013–2015 | Fund administration and board management across fund complex |
| Franklin Templeton Fund Adviser (FTFA) | Senior Vice President | Since 2006 | Investment company advisory and administrative leadership |
| Various Legg Mason-affiliated funds | Senior Vice President | Since 2007 | Officer roles across multiple registered investment companies |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | U.S. Fund Board Team Manager | Since 2020 | Oversees board operations and coordination across FT fund boards |
| LM Asset Services (LMAS) | President & CEO | Since 2015 | Executive leadership of fund services platform |
| Legg Mason Fund Asset Management (LMFAM) | President & CEO | Since 2015 | Executive leadership of registered investment adviser |
Fixed Compensation
- Officers of GDO receive no compensation from the Fund; reasonable out-of-pocket travel expenses for attending Board meetings may be reimbursed .
- The proxy statements do not disclose base salary, target/actual bonus, or cash compensation for Fund officers (compensation is determined by their employing affiliates, not by GDO) .
Performance Compensation
- No RSUs/PSUs, options, performance metrics, or vesting schedules are disclosed for Fund officers in GDO filings; officers are not compensated by the Fund .
- The Compensation Committee recommends compensation only for Independent Directors, not officers .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Officers and Directors as a Group – Beneficial Ownership | Less than 1% of outstanding Common Stock as of Feb 7, 2025 |
| Section 16 Ownership Compliance | Fund states all required filings met for FY ended Oct 31, 2024 |
| Recent Insider Baseline (Directors) | Recent Form 3 for Director Hillary A. Sale shows 0 common shares beneficially owned (filed Nov 21, 2024) |
- Stock ownership guidelines, pledging/hedging restrictions, and officer-specific holdings (vested vs. unvested) are not disclosed in GDO filings .
- No officer-level options or equity award data are presented in GDO proxies (closed-end fund officers are typically compensated by the adviser, not the fund) .
Employment Terms
- Role and tenure: Senior Vice President of GDO since 2009 .
- Officer appointment & term: Executive officers are chosen each year by the Board and hold office until successors are elected and qualified .
- Compensation from Fund: None; travel expense reimbursement permitted .
- Severance, change-of-control, non-compete/non-solicit, garden leave, consulting: Not disclosed in Fund filings .
Investment Implications
- Alignment and selling pressure: With officers not compensated by the Fund and group beneficial ownership under 1%, GDO filings show limited direct stock-based incentives or insider selling pressure originating from Fund officers . Recent director Form 3s indicating zero holdings reinforce low insider equity exposure at the Fund level .
- Retention risk: Kelly’s long tenure as SVP since 2009 and concurrent senior roles across Franklin Templeton affiliates suggest continuity of fund governance and board management functions; no transition announcements are disclosed in GDO documents .
- Governance context: Compensation oversight focuses on Independent Directors; officers’ compensation is outside Fund scope and handled by the adviser ecosystem, limiting pay-for-performance signals within GDO filings .
- Performance lens: Fund results are primarily driven by portfolio management teams and fixed-income market conditions (e.g., benchmark comparisons in semi-annual reports), not officer compensation design; recent six-month performance to April 30, 2025 provides context but is not directly attributable to officer incentives .