Chicago-based Ariel Mutual Funds has added two independent trustees to its board, ensuring compliance with new Securities and Exchange Commission guidelines, according to Crain's Chicago Business.

The addition of H. Carl McCall and Jim Williams means eight of the 12 members, or 75%, of the board is independent.

"We are delighted two financial industry veterans of such immense talent and high regard are joining our board," said John W. Rogers, Jr., founder and chairman of Ariel Capital Management.   Founded in 1983, the company manages $19.4 billion in assets.

McCall, 70, is a former New York State Comptroller.  In that role he managed the state's $112 billion pension fund.  He has also served on the New York State Senate, and as the U.S. ambassador to the United Nations and president of the New York City Board of Education. He ran as a Democrat for New York State Governor in 2002, but was defeated by Gov. George E. Pataki.

McCall was also a director of the New York Stock Exchange, and sits on the newly reorganized Tyco International board.  He is a principal of Convent Capital, a financial services advisory firm based in Morristown, N.J.

Williams, 58, worked at Ford Motor Company for 30 years, before becoming vice president and chief investment officer of the $5 billion J. Paul Getty Trust, an endowment that underwrites grants, educational and art conservation programs, a museum, and various acquisitions.   Williams is also a past president of Harbor Capital Advisors in Huntington, N.Y., where he launched six funds and managed $15 billion.  He also serves on the board of SEI Mutual Funds in Oaks, Pa., and the Southeastern Michigan Food Bank.

"Their knowledge and depth of experience will strengthen the governance of our funds and benefit our shareholders," Rogers said.

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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