Phillip Peterson, Strong Mutual Funds’ newly appointed president, said the firm’s employees need to have an easier, less intimidating way to blow the whistle on wrongdoing at Strong, a subject he will address with the company’s board, Reuters reports.

Peterson plans on Feb. 19 to make recommendations to the board that an outside firm be hired to setup a Web site and a telephone hotline where Strong employees can talk freely about their suspicions with someone outside Strong without the fears associated with speaking to a company insider.

The developments follow the resignation of Richard Strong, the firm’s founder, and an announcement that the company hired Goldman Sachs to explore a sale of the firm, all in the wake of uncovered impropriety at the firm.

The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.

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