Jeanne M. Kelly
About Jeanne M. Kelly
Jeanne M. Kelly (birth year: 1951) serves as Senior Vice President of Western Asset Managed Municipals Fund Inc. (MMU) and has held this officer role since 2007. She is U.S. Fund Board Team Manager at Franklin Templeton (since 2020); Senior Vice President of FTFA (since 2006); and President & Chief Executive Officer of LM Asset Services, LLC (LMAS) and Legg Mason Fund Asset Management, Inc. (LMFAM) (since 2015). Her prior roles include Managing Director of Legg Mason & Co. (2005–2020) and Senior Vice President of LMFAM (2013–2015). Officer compensation and performance-tied metrics are not disclosed at the Fund level, and MMU states that Fund officers receive no compensation from the Fund .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | U.S. Fund Board Team Manager | Since 2020 | Oversight/coordination of U.S. fund board activities |
| Franklin Templeton/FTFA | Senior Vice President | Since 2006 | Senior leadership across certain funds associated with Legg Mason/Franklin |
| LM Asset Services (LMAS) | President & CEO | Since 2015 | Executive leadership of service affiliate supporting fund operations |
| Legg Mason Fund Asset Mgmt (LMFAM) | President & CEO | Since 2015 | Executive leadership of registered adviser affiliate |
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior management at fund complex predecessor |
| LMFAM | Senior Vice President | 2013–2015 | Senior leadership at adviser affiliate |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| LM Asset Services (LMAS) | President & CEO | Since 2015 | Affiliate entity to the fund complex |
| Legg Mason Fund Asset Mgmt (LMFAM) | President & CEO | Since 2015 | Affiliate entity to the fund complex |
Fixed Compensation
| Component | 2023–2025 Status | Notes |
|---|---|---|
| Cash salary from MMU | $0 | MMU discloses officers receive no compensation from the Fund |
| Expense reimbursement | Allowed | Reasonable out-of-pocket travel expenses for Board meetings may be reimbursed |
Performance Compensation
| Incentive Type | Metric Linkage | Target/Payout | Vesting |
|---|---|---|---|
| Not disclosed at Fund level | Not disclosed | Not disclosed | Not disclosed |
MMU’s proxy states officers receive no compensation from the Fund; any adviser-level incentives for Franklin Templeton/Legg Mason employees are not reported in MMU filings .
Equity Ownership & Alignment
| Group Ownership of Fund Shares | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Directors and officers as a group (% of outstanding) | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% |
- Individual officer share counts for Jeanne M. Kelly are not disclosed in MMU proxies; officers are subject to Section 16 reporting. MMU reports full compliance with Section 16(a) reporting requirements in recent fiscal years .
- Pledging/hedging policies for officers are not disclosed in the MMU proxy materials searched .
Section 16(a) Compliance Status
| Fiscal Year End | Compliance Statement |
|---|---|
| May 31, 2018 | All filing requirements met |
| May 31, 2020 | All filing requirements met |
| May 31, 2021 | All filing requirements met |
| May 31, 2022 | All filing requirements met |
| May 31, 2023 | All filing requirements met |
| May 31, 2024 | All filing requirements met |
| May 31, 2025 | All filing requirements met |
Employment Terms
| Term | MMU Disclosure |
|---|---|
| Selection and term | Officers are chosen annually by the Board; hold office until successors are duly elected/qualified |
| Compensation from Fund | Officers receive no compensation (travel expenses may be reimbursed) |
| Severance / Change-of-control | Not disclosed at Fund level |
| Non-compete / Non-solicit | Not disclosed at Fund level |
| Garden leave / Post-termination consulting | Not disclosed at Fund level |
Investment Implications
- Alignment and selling pressure: With no direct MMU compensation and no Fund-level equity awards for officers, insider selling pressure from compensation vesting is minimal; ownership by directors/officers as a group is consistently <1% of outstanding shares, limiting insider alignment signals at the Fund level .
- Retention risk: Jeanne M. Kelly’s tenure (Senior Vice President since 2007) and concurrent senior roles at Franklin Templeton/affiliates suggest institutional continuity; employment terms for Fund officers are annual appointments without Fund-level severance/change-of-control provisions disclosed .
- Trading signals: MMU reports consistent Section 16(a) compliance, but proxies do not provide individual Form 4 details; absent disclosed ownership stakes or award vesting, there are limited executive-driven trading signals tied to MMU’s officers .
- Compensation structure: Because MMU does not compensate its officers, pay-for-performance analysis at the Fund level is not applicable; any incentive alignment would be at the adviser (Franklin Templeton) level, which is outside MMU’s proxy scope .