New team prepares to lead TEI. (Recent Activities).

Tax Executives Institute has appointed its current General Counsel and Director of Tax Affairs to become Executive Director in January 2002. It has also named a well-known official of another tax organization to lead the Institute's legal staff.

Timothy J. McCormally, who joined the Institute's staff in 1982, will succeed Michael J. Murphy as Executive Director. Mr. Murphy, who became Executive Director in 1992, is retiring. The appointment of Mr. McCormally was made by TEI's Board of Directors on October 21, during the organization's 56th Annual Conference in Boston. It was announced by TEI President Robert L. Ashby during the conference.

Calling the McCormally appointment by the Board an astute move, Mr. Ashby said, "Timothy has served the Institute well for almost two decades, and we look forward to working with him for years to come as Executive Director." Mr. Murphy added, "I can't think of anyone more qualified to take my job. Timothy is clearly the right person to help bring TEI to the forefront as the preeminent association of business tax professionals." Mr. Murphy pledged to work closely with Mr. McCormally during the transition period.

Mr. McCormally joined TEI as its first Tax Counsel in 1982, and was designated General Counsel ten years later. As head of the Institute's legal staff, he oversees three other attorneys whose combined mission is to coordinate the development and presentation of the Institute's positions on proposed legislation, regulations, administrative procedures, and court cases of broad application to business tax executives. He is also editor of the Institute's publications, including The Tax Executive.

Mr. McCormally received his B.A. degree from the University of Iowa and his J.D. degree from Georgetown University Law Center, where he served on the Executive Board of The Georgetown Law Journal. He joined TEI in 1982 after practicing law with Sutherland, Asbill & Brennan for nearly six years. Mr. McCormally has contributed to a number of other publications and is a nationally recognized speaker, appearing on programs sponsored by the Internal Revenue Service, ABA Section of Taxation, American Institute of Certified Public Accountants, University of Chicago Law School, New York University, and the Canadian Tax Foundation.

Upon his appointment, Mr. McCormally remarked, "I very much appreciate the Board's confidence in me. Mike Murphy has been a tremendous boss, coach, and mentor, and I thank him and the Institute's volunteer leadership for helping prepare me to become Executive Director. I also thank the other members of the staff for their support and understanding, as well as their not infrequent forbearance. Special thanks are due to my fellow directors, Debbie Giesey and Deborah Gaffney, and to the other members of the legal staff whom I have been privileged to work with--Mary Lou Fahey, Jeff Rasmussen, and Greg Matson. Just as TEI cannot succeed without the involvement of a dedicated group of volunteers, I know I will not be able to succeed in my new position without their continued good work and help. I look forward to the challenges ahead."

The appointment of Mr. McCormally as Executive Director created a vacancy on the Institute's legal staff, which was subsequently filled by the appointment of Fred F. Murray, who is currently Vice President for Tax Policy for the National Foreign Trade Council in Washington.

In announcing the appointment, Mr. McCormally noted that Fred Murray is both a lawyer and certified public accountant. "Fred is a well-known and well-respected member of the Washington tax community, and his combination of private sector and government experience will serve the Institute well. He added that Mr. Murray has worked extensively in private practice (for both accounting and law firms), has taught at the college level, and is an alumnus of the IRS Office of Chief Counsel, where he served as Special Counsel (Legislation) and a Special Assistant to the Associate Chief Counsel (Domestic). He has been quite active in the ABA Section of Taxation, and is a frequent speaker at educational programs as well as a contributor to tax journals.

Mr. Murray received his B.A. degree in economics and accounting from Rice University, and his J.D. degree from University of Texas at Austin Law School. In addition to his work for the IRS, he practiced law with Chamberlain, Hrdlicka, White, Williams & Martin in Houston (as well as with two other law firms) and public accounting with Arthur Andersen & Co. In his current position with the National Foreign Trade Council, Mr. Murray is responsible for the group's tax policy advocacy, with his duties including coordination of activities relating to formulation of international tax policy and specific tax legislation; lobbying on specific tax proposals; formulation of treaty policy and lobbying for specific treaty provisions; and writing amicus curiae briefs in the United States Supreme Court and other federal courts. One of the NFTC's most high profile recent projects relates to the replacement of the foreign sales corporation (FSC) regime, and the defense of the new regime before the World Trade Organization.

Mr. Ashby said that the Institute's leadership was extraordinarily pleased with Mr. Murray's selection. "Many of us have worked with Fred in the past, and we are confident that Fred's skills will complement those of Timothy and the rest of TEI's staff. I foresee many great things for TEI in the years ahead with Timothy at the helm and Fred as General Counsel. They will make a great team."

Mr. Ashby concluded by expressing the Institute's appreciation to Mr. Murphy who helped manage TEI's succession planning efforts. "The McCormally and Murray appointments me the culmination of a process that started long ago, and I am personally gratified by the way that Mike helped us manage the process. He has been surefooted and well focused from the outset, and I join all other TEI members and the current members of the staff in wishing Lonnie and him well. Because of his good efforts, the Institute is well positioned for the future."