T. Rowe Price Vice Chairman James S. Riepe has been named chairman of the Investment Company Institute, succeeding Paul G. Haaga, Jr., executive vice president of Capital Research and Management Co.

Haaga, who served two one-year terms, will continue to serve as vice chairman, in the tradition of past chairmen of the ICI.

Riepe is also chairman of T. Rowe Price Mutual Funds and is currently on the board. This will be his second term as chairman of the ICI, having served in the position between 1990 and 1992.

"We are in Paul Haaga’s debt for his tireless and outstanding service as chairman of the Institute during an especially difficult period," said Paul Scott Stevens, president of the ICI, in a statement. "We are very fortunate to have Jim Riepe’s leadership and an excellent group of new governors in the year ahead. The mission of ICI has never been more important or challenging."

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