Nomination of John S. R. Shad To Be a Member of the Securities and Exchange Commission, and Designation as Chairman

The President announced today his intention to nominate John S. R. Shad to be a member of the Securities and Exchange Commission for the remainder of the term expiring June 5, 1982. He will succeed Harold M. Williams, who is resigning. The President also announced his intention to designate him to serve as Chairman.

Mr. Shad is vice chairman of the board of directors of the E. F. Hutton Group, Inc., the second largest publicly owned investment banking and brokerage firm. He also serves as chairman of the finance, underwriting, investment and acquisition committees, and as a member of the executive committee.

Mr. Shad initiated Hutton's investment banking activities in 1963. He was named "Investment Banker of the Year" in 1972 by Finance magazine.

He served as chairman, Reagan/Bush New York Finance Committee during the 1980 Presidential election.

Mr. Shad was graduated from the University of Southern California (B.S., 1947); Harvard Business School (M.B.A., 1949); New York University Law School (LL.B., 1959). During World War II he served as lieutenant in the U.S. Naval Reserve.

Mr. Shad resides in New York City. He is 58.