Former Chairman Flugger passes away. (People).

Penelope A. Flugger, who served as FEI's only woman chair in 1995-96, died in December after a two-year battle with lung cancer. She was 60.

Flugger, who was a managing director at J.P. Morgan & Co., retired in 1998. After beginning her career at Price Waterhouse, she joined Morgan in 1975 as an assistant controller, and assumed responsibility for the company's audit in 1982. Flugger was named senior vice president and auditor in 1985, and assumed responsibility for the control and quality initiatives in Morgan's technology and operations group in 1994.

Flugger joined FEI's Executive Committee in 1991 and held a series of positions on the EC and the Leadership Board. She was also Chapter President in New York in 1996-7 and served on several other committees, including admissions, planning and resources, as well as an an area vice president.

Outside of FEI, she belonged to a number of other professional organizations, like the AICPA and Institute of Internal Auditors, and held national positions with several of them.

She was a graduate of the University of Illinois, and received an MBA from Baruch College in New York.

"Far ahead of her time, Penny focused her efforts as Chairman of FEI on the code of ethical conduct, revising and strengthening it," said FEI President Phil Livingston. "She was rightfully proud of that work and discussed it with me when we met. I will also never forget that she insisted on being called 'chairman' even though she was the first, and still the only, woman to lead our great organization in 72 years. She was important to me personally, as she led the selection committee that hired me as CEO. The interview and discussion we had in midtown Manhattan that day in 1998 is still fresh in my mind. She was a true leader, focusing on the big issues of the day, blazing a path for our group and her peers."

FEI Chairman Ridge Braunschweig stated, "Penny made indelible contributions to FEI and to the finance profession in numerous leadership roles. She led by setting an exemplary example and then built concensus among others to follow. All of us within the FEI Leadership who knew her and worked with her feel a profound loss."

She is survived by her husband of 32 years, Robert. Her family asks that memorial contributions be sent to the American Cancer Society, Florida Division, P.O. Box 32047, Tampa, Fla., 33679-2347, or Hospice of Naples, 1095 Whipporwill Lane, Naples, Fla., 34105.