Terry K. Glenn, president of Merrill Lynch Funds of Merrill Lynch Investment Management of New York, has been elected chairman of the Investment Company Institute of Washington D.C., the institute announced.

Glenn replaces John Brennan, chairman and chief executive officer of The Vanguard Group of Malvern, Pa., who has been chairman of the ICI for two consecutive one-year terms, said Chris Wloszczyna, a spokesperson for the organization. The chairman of the ICI usually serves two consecutive terms, he said.

As chairman, Glenn will head the ICI's board of governors, which is responsible for setting the organization's policies and overseeing its activities.

The board of governors also named 15 new board members. The 45-member board of governors annually elects new members to staggered three-year terms.

New members include: John D. Carifa of Alliance Capital Management of New York; Robert S. Dow of Lord, Abbett & Company of Jersey City, N.J.; Robert H. Graham of AIM Management Group of Houston; Charles E. Haldeman, Jr. of Delaware Management Holdings of Philadelphia,; David F. Hill of SAFECO Mutual Funds of Redmond, Wash.; Robert E. Holley of Paine Weber of Weehawken, N.J.; Lawrence J. Lasser of Putnam Investments of Boston; William M. Lyons of American Century Investments of Kansas City, Mo.; Bruce K. MacLaury of Vanguard Funds of Malvern, Pa.; John J. McCormack, Jr. of TIAA-CREF of New York, Marguerite A. Piret of Pioneer Funds of Boston; Thomas O. Putnam of Fenimore Asset Management of Cobleskill, N.Y.; Stephen B. Timbers of Northern Trust Global Investments of Chicago; Mark B. Whiston of Janus Funds of Denver; David M. Znamierowski of Hartford Life Insurance of Hartford, Conn.

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