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.
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.
“I am honoured 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,” says Murphy.
“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,” says ICI President and CEO Paul Stevens.
Murphy was appointed President of OppenheimerFunds, Inc. in August 2000 and Chairman and Chief Executive Officer on 30 June, 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. 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.