Jeanne M. Kelly
About Jeanne M. Kelly
Senior Vice President of HYI (Western Asset High Yield Opportunity Fund Inc.), birth year 1951, serving as an officer since 2010 and U.S. Fund Board Team Manager at Franklin Templeton since 2020 . HYI converted from a term fund to a perpetual fund in 2025 (name changed to “Western Asset High Yield Opportunity Fund Inc.”; ticker HYI unchanged), with management highlighting positive total returns and cumulative distributions of $18.29 since inception as of December 31, 2024, and a non‑levered high‑yield strategy with lower volatility than peers . Officers receive no compensation from the Fund, and are elected annually by the Board to serve until successors are duly elected, indicating a governance‑centric role rather than pay‑for‑performance disclosure in HYI proxies .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | U.S. Fund Board Team Manager | Since 2020 | Oversees fund board governance operations across U.S. fund complexes . |
| HYI (Fund Officer) | Senior Vice President | Since 2010 | Long-standing officer supporting fund administration and governance . |
| Franklin Templeton Fund Adviser, LLC (FTFA) | Senior Vice President | Since 2006 | Senior leadership function within the adviser/administrator to HYI . |
| LM Asset Services, LLC (LMAS) | President & CEO | Since 2015 | Executive leadership of fund services affiliate supporting HYI and related funds . |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President & CEO | Since 2015 | Executive leadership of registered investment adviser affiliate . |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | Senior Vice President | 2013–2015 | Senior role prior to appointment as President & CEO . |
| Legg Mason & Co., LLC | Managing Director | 2005–2020 | Senior management at legacy Legg Mason affiliate prior to Franklin Templeton integration . |
| “Certain funds associated with Legg Mason & Co. or affiliates” | Senior Vice President | Since 2007 | Officer roles across related closed‑end fund boards . |
External Roles
- HYI proxies list Jeanne’s management roles within Franklin Templeton/Legg Mason affiliates; no external public-company board roles are disclosed for Jeanne in the HYI proxy officer listings .
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base Salary | Not disclosed | HYI officers receive no compensation from the Fund . |
| Target Bonus % | Not disclosed | No officer cash compensation reported by HYI . |
| Actual Bonus Paid | Not disclosed | No officer cash compensation reported by HYI . |
| Perquisites | Reimbursement for travel expenses only | Officers may be reimbursed for reasonable out‑of‑pocket travel costs to attend Board meetings . |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
- HYI proxy statements do not disclose performance‑based incentives (RSUs/PSUs/options) for fund officers; officer compensation is paid by affiliates and not reported at the Fund level .
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Jeanne M. Kelly beneficial ownership (HYI) | Not individually disclosed in proxies; at record dates, nominees, Directors and officers of the Fund as a group beneficially owned less than 1% of outstanding HYI common shares . |
| Shares pledged as collateral | Not disclosed in HYI proxies . |
| Stock ownership guidelines (officers) | Not disclosed in HYI proxies . |
| Section 16 compliance | HYI states all required ownership filings were met for the fiscal years ended May 31, 2023–2025 . |
Employment Terms
- Officers are elected annually, serve until successors are duly elected and qualified; officers receive no compensation from HYI and may be reimbursed for reasonable out‑of‑pocket travel expenses to attend Board meetings .
- Severance, change‑of‑control provisions, non‑compete/non‑solicit, garden leave, clawbacks, tax gross‑ups, deferred compensation, and pension/SERP terms for HYI officers are not disclosed in HYI proxies .
- Jeanne is consistently named as one of the designated proxies on HYI proxy cards, evidencing her central administrative role in fund governance logistics .
Investment Implications
- Lack of disclosed officer compensation and equity holdings at the Fund level limits pay‑for‑performance and insider alignment analysis for Jeanne; HYI officers are compensated by Franklin Templeton affiliates and not HYI, reducing direct trading signals tied to her incentives .
- Retention risk appears low given Jeanne’s long tenure and multi‑affiliate leadership roles since 2006–2015 across FTFA/LMAS/LMFAM, but employment agreement economics are not visible at the Fund level .
- HYI’s 2025 conversion to a perpetual structure, fee waiver, and emphasis on non‑levered high‑yield strategy with positive total returns and cumulative distributions provide fund‑level context; however, these are not individually attributable performance metrics for Jeanne and thus do not create executive‑specific trading signals .