The Investment Company Institute has selected Martin L. Flanagan, president and CEO of AMVESCAP, as chairman of the institute for one year, replacing James S. Riepe, who will continue to serve as vice chairman of ICI.

"It has been a privilege to again serve as Institute chairman, representing the industry that has served millions of investors so well for so many years," Riepe said. "Marty Flanagan is one of our industry's most talented young executives, and I am pleased to pass the chair to a leader of his caliber and integrity."

In his new role, Flanagan will head the Board of Governors, which sets policies and oversees activities of the ICI. Flanagan is a member of the executive committee, as well.

In his new role, Flanagan said he would places emphasis on promoting fiduciary partnership, providing enhanced disclosure, preserving fundamental virtues of mutual fund investing, protecting investor trust and advancing the interests of funds of investors.

"I am honored that the industry has chosen me as its chairman, and I am proud to be associated with an industry that has had a long history of helping investors achieve their financial goals," Flanagan said. "We must maintain our focus of putting the interests of shareholders first. I intend to foster collaboration among all parties - directors, advisors, distributors, regulators and lawmakers - to achieve the best outcome for shareholders."

Separately, the ICI named the following individuals to new terms on the board: Lynn L. Anderson of Russell Investment Group; William L. Armstrong, the independent chairman and trustee of OppenheimerFunds; Kenneth C. Eich of Davis Selected Advisers; James B. Hawkes of Eaton Vance Corporation; Diana P. Herrmann of Aquila Investment ManagementMellody Hobson of Ariel Capital Management; Brian A. Murdock of New York Life Investment Management; Alfred E. Osborne, Jr., an independent trustee of WM Group of Funds; Robert C. Pozen of MFS Investment Management; William N. Shiebler of  Deutsche Asset Management, Americas; Peter E. Sundman of Neuberger Berman Management Inc.; Garrett Thornburg of Thornburg Investment Management, Inc.; Robert W. Uek, an independent trustee of TT International Funds; and Christopher L. Wilson, Columbia Management Group, Inc. Gregory E. Johnson of Franklin Resources will fill an open seat on the ICI board.

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