After the fund scandals over the past two years, being the ICI's public face sounds like an even more thankless job than before. However, that didn't stop Martin Flanagan from taking it this week. Flanagan was last in the news for taking the chairman and CEO posts at Amvescap in August.

The ICI said Wednesday that its Board of Governors voted for Flanagan to succeed T. Rowe Price's James Riepe as the chairman of the fund firm lobbying group. His term will last one year and Riepe will continue at the ICI as its vice chairman.

Flanagan wasted no time in toeing the ICI's party line.

"We must maintain our focus on putting the interests of shareholders first," he said in a statement. Putting shareholders first has been the ICI's tag line.

"I intend to foster collaboration among all parties -– directors, advisers, distributors, regulators and lawmakers -– to achieve the best outcome for shareholders," he added.

Flanagan will work closely with Paul Stevens, the ICI's president.  

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