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Friday, October 05, 2007

Murphy Takes Reins at ICI

News summary by MFWire's editors

The Investment Company Institute has chosen John Murphy, the CEO of OppenheimerFunds, as its new chairman. Murphy replaces outgoing chairman, Martin L. Flanagan, president and CEO of INVESCO, who, after serving two year-long terms, will continue on as vice chairman. The ICI’s board of governors also appointed seven new members to the Board as well as one additional member to fill an open seat.

The Investment Company Institute's Board of Governors has elected John V. Murphy to serve as Chairman of the Institute for a one-year term. The Board also appointed a slate of new Governors.

Murphy is Chairman and CEO of OppenheimerFunds. He succeeds Martin L. Flanagan, President and CEO of INVESCO, who, as immediate past chairman, will continue to serve as Vice Chairman of ICI.

“It has been my privilege to represent an industry that has served millions of investors so well for so many years,” said Flanagan. “John Murphy is one of our industry’s most talented executives and I am pleased to pass the baton to a leader of his caliber and integrity.”

Said Murphy, “I am honored that the Institute’s Board has chosen me as its Chairman and I’m proud to be associated with an industry that has a long history of helping investors achieve their financial goals. We must maintain our focus on putting the interests of shareholders first.”

Said ICI President and CEO Paul Stevens, “Marty Flanagan has provided outstanding leadership to ICI over the past two years and John Murphy will do likewise as our new Chairman. I look forward to working closely with him and with our excellent Board of Governors.”

Murphy was appointed President of OppenheimerFunds, Inc. in August 2000 and Chairman and Chief Executive Officer on June 30, 2001. He serves as president of all Oppenheimer mutual funds.

As Chairman, Murphy will preside over the Board of Governors, the governing body of the Institute, and the Executive Committee of the Board. The Board is responsible for setting policy and overseeing activities of the Institute whose members include mutual funds, closed-end funds, exchange-traded funds, and unit investment trusts. Flanagan is also a member of the Institute's Executive Committee.

The Institute’s Board of Governors also appointed seven new members to the Board as well as one additional member to fill an open seat. Board members are selected to serve staggered three-year terms. The newly selected Governors, whose terms will expire September 30, 2010, are:

Lynn L. Anderson – Independent Chair - SSgA Funds Board of Trustees
Gary D. Black – CEO, Janus Capital Group, Inc.
Mary K. Bush – President, Bush International, LLC, and independent director of Pioneer Funds.
Michael J. Cosgrove – President & CEO - Mutual Funds, GE Asset Management
Patrick P. Coyne– President, Delaware Investments
Thomas F. Eggers– President & CEO, The Dreyfus Corp.
Thomas S. Schreier – CEO, FAF Advisors, Inc.
Greg J. Stark – Co-Managing Director, Americas, Frank Russell Company
William F. Truscott– President - U.S. Asset Management and Chief Investment Officer, RiverSource Investments, LLC

Member elected to fill open seat on the Board: Thomas E. Faust, Jr. – President & Chief Investment Officer, Eaton Vance Management  

Edited by: Erin Kello

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