The National Investment Company Services Association (NICSA) has elected Penelope S. Alexander, senior vice president of human resources at Franklin Templeton Investments, as chairperson of the board of directors. She replaces Gary French, senior vice president and fund administration business head at State Street, who concluded his two-year term as chairman of the board May 30.

Alexander's election marks the second time in NICSA's 41-year history that a woman has held the position. The first was Pauline Taylor of Fidelity Investments, who chaired the group from 1985-1987.

Also newly elected to the board are: Michael DeNofrio, executive vice president and senior managing director for the transfer agency division of PFPC; L.G. Edwards, senior vice president of American Funds Service Co.; James Lockhead, a vice president of MFS Service Center, a subsidiary of MFS Investment Management; and Gary Palmer, chief executive of the Dublin Funds Industry Association.

"Each of these individuals will add great expertise and industry knowledge to the board, as well as a proven commitment in service to the association," French said.

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