Edward Bernard, vice chairman of T. Rowe Price, is replacing John Murphy, chairman of Oppenheimer Funds, as chairman of the board of governors at the Investment Company Institute.

Bernard will hold the position for a year at a time. Murphy held the post for two years.

ICI’s board sets the lobbying agenda and oversees the group’s actions. Bernard’s board includes as governors Jonathan Baum, chairman and CEO of The Dreyfus Corp.; Dorothy Berry, independent trustee at Allegiant Funds; John Kim, CEO of New York Life Investments; Donald Pratt, independent chair at American Century Funds; and Robert Reynolds, president and CEO of Putnam Funds.

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