Mutual fund manager Aquila Investment Management has named Diana Herrmann has its new chief executive officer.

Herrmann, who joined the firm in 1986, will also continue in her role as president, a title she has held for seven years. Herrmann has been COO and president of Aquila since 1997. She was named vice chair early this year and serves on several of the Investment Company Institute’s committees. She succeeds founder Lacy Herrmann as CEO. However, Lacy will continue on as chairman.

Before her time at Aquila, Herrmann worked at European American Bank in New York and was a secretary and board member of the Bank Credit Association.

Aquila Investment Management is a wholly owned subsidiary of Aquila Management Corp., the sponsor of each of the funds in the Aquila family. The ICI ranks the Aquila funds groups in the upper 32% according to asset size, the firm said.

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