Mutual Fund Directors Forum founder Ruder steps down as chairman

David Ruder, founder of the Mutual Fund Directors Forum, is retiring as its chairman but will continue as chairman emeritus of the organization. Jameson Baxter, vice chairman of the Putnam Funds and a member of the forum’s board since 2004, has been elected as the new board chairman. “I strongly believe that fund shareholders and fund sponsors are best-served by educated, engaged fund independent directors and effective boards,” Ms. Baxter said, “and I am honored to be stepping into a role that has been so ably filled by David Ruder.” Mr. Ruder, chairman of the Securities and Exchange Commission from 1987 to 1989, founded what eventually would become the forum in 1999 after then-SEC Chairman Arthur Levitt issued a call for improved fund governance and asked Mr. Ruder to help independent fund directors better understand the scope of their authority and responsibilities. “Since then, the forum has grown to become an important voice on fund governance issues and an important resource for fund independent directors across the country,” said Susan Ferris Wyderko, executive director of the forum. “It was through David’s strong leadership that the forum became what it is today.”