The Investment Company Institute announced Friday that its board of governors has elected John V. Murphy, chairman and chief executive officer of OppenheimerFunds, chairman. He succeeds Martin L. Flanagan, president and CEO of Invesco, who will now become vice chairman.

Murphy became president of OppenheimerFunds in 2000 and chairman and CEO the following year.

The ICI has also appointed seven new members to the board and has tapped an additional executive to fill an open seat. They are: Lynn L. Anderson, independent chair of SsgA Funds; Gary D. Black, CEO of Janus; Mary K. Bush, an independent director of the Pioneer Funds; Michael J. Cosgrove, president and CEO of mutual funds for GE Asset Management; Patrick P. Coyne, president of Delaware Investments; Thomas F. Eggers, president and CEO of Dreyfus; Thomas S. Schreier, CEO of FAF Advisors; Greg J. Stark, co-managing director, Americas, at Frank Russell; and William F. Truscott, president of U.S. asset management and chief investment officer at RiverSource Investments.

Thomas E. Faust, Jr., president and chief investment officer of Eaton Vance Management, is filling the open seat.

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