Jeanne M. Kelly
About Jeanne M. Kelly
Jeanne M. Kelly (born 1951) serves as Senior Vice President of Western Asset Investment Grade Income Fund Inc. (NYSE: PAI) and U.S. Fund Board Team Manager at Franklin Templeton; she has held officer roles associated with Legg Mason/Franklin Templeton since 2006 and began serving as SVP for PAI in 2007 . Her principal occupations over the past five years include President and CEO of LM Asset Services, LLC and Legg Mason Fund Asset Management, Inc. since 2015; formerly Managing Director at Legg Mason & Co. (2005–2020) and Senior Vice President at LMFAM (2013–2015) . As of March 30, 2025, she beneficially owned no shares of PAI , and her original Form 3 (event date 02/24/2015) also reported zero beneficial ownership . The Fund paid no remuneration to officers in FY 2024; compensation details (salary/bonus/equity) are not disclosed at the Fund level and are determined by Franklin Templeton affiliates .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Franklin Templeton | U.S. Fund Board Team Manager | Since 2020 | U.S. fund board management for Franklin Templeton fund complex |
| Legg Mason & Co. | Managing Director | 2005–2020 | Senior management at Legg Mason & Co. |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | Senior Vice President | 2013–2015 | Senior leadership at formerly registered investment adviser |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| LM Asset Services, LLC (LMAS) | President & CEO | Since 2015 | Formerly registered investment adviser |
| Legg Mason Fund Asset Management, Inc. (LMFAM) | President & CEO | Since 2015 | Formerly registered investment adviser |
| Franklin Templeton Fund Adviser, LLC (FTFA) | Senior Vice President | Since 2006 | Fund administrator; indirect subsidiary of Franklin Resources |
Fixed Compensation
- The Fund paid no remuneration to its officers for the fiscal year ended December 31, 2024; officers may be reimbursed for reasonable out-of-pocket travel expenses for attending Board meetings .
| Year | Fund Officer Remuneration ($) | Travel Expense Reimbursement Policy |
|---|---|---|
| FY 2024 | $0 | Reimbursed for reasonable out-of-pocket travel expenses |
Performance Compensation
- Not disclosed at the Fund level; officers’ compensation (e.g., salary, bonus, equity incentives) is determined and paid by Franklin Templeton affiliates, not by PAI .
Equity Ownership & Alignment
| Metric | Reference Date | Value |
|---|---|---|
| Beneficial Ownership (shares) | Event Date: 02/24/2015 (Form 3) | 0 |
| Beneficial Ownership (shares) | March 30, 2025 | None (0) |
| Shares Outstanding (PAI) | Record Date: March 28, 2025 | 9,510,962 |
| Ownership as % of Shares Outstanding | March 30, 2025 | 0.00% (0 / 9,510,962) |
Notes:
- Directors and officers as a group beneficially owned less than 1% of outstanding shares as of December 31, 2024 .
- No pledging, hedging, stock ownership guidelines, or compliance status are disclosed for officers at the Fund level .
Employment Terms
| Position | Year Service Began | Term/Conditions | Notes |
|---|---|---|---|
| Senior Vice President (PAI) | Since 2007 | Each officer holds office until a successor is chosen and qualified, or until earlier death, resignation, removal (with or without cause), or disqualification | Officers’ address c/o the Fund; administrative roles by FTFA (Franklin Templeton affiliate) |
Additional governance context:
- Jeanne M. Kelly is among persons designated to serve as proxy for the Annual Meeting (with others) .
Investment Implications
- Alignment: Zero beneficial ownership and absence of Fund-level pay indicate limited direct pay-for-performance alignment to PAI’s stock; any incentive alignment is driven by Franklin Templeton’s internal compensation frameworks, which are not disclosed in the Fund proxy .
- Insider selling pressure: With no reported holdings, near-term insider selling pressure from Jeanne M. Kelly is negligible .
- Retention risk: Long tenure (SVP since 2007) and ongoing leadership roles across FT/Legg Mason affiliates suggest organizational continuity; however, officers serve at will of the Fund/affiliates without disclosed severance or change-of-control protections at the Fund level .
- Governance: Operational oversight is predominantly through Franklin Templeton affiliates (Investment Adviser/Subadviser/Administrator), and the Fund’s Board committees manage performance, audit, and contracts; officer compensation or employment contracts are outside Fund disclosures, constraining visibility into incentive levers .