Oppenheimer 60th Anniversary - 62

Reprinting of From Opportunity to
Legacy: Celebrating the First Fifty Years

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CEO Bill Glavin, Jr.
believes the Company's
historic core values are
an integral part of its
future.

Shortly after William (Bill) Glavin, Jr. became chief
executive officer of OppenheimerFunds at the start
of 2009, he described what he considers to be an
effective CEO's most important task: "to make sure
you have the right people in the right positions."
Glavin came to OppenheimerFunds from MassMutual,
where he was responsible for the domestic insurance
business, which included a distribution organization
with about 5,000 career agents. He also had experience
in the asset management industry, having worked
previously at two mutual fund companies.
Perhaps his most important qualification was his

experience with managing change. "One of the
things that I've done throughout my career is really
drive change management at firms," he said. "And
there are lots of changes going on in our industry
right now that OppenheimerFunds needs to
address. I think coming in as the new CEO with a
lot of change management background, I can be
helpful in that process."
Glavin wasted little time getting the process of
putting the right people in the right places started.
Within weeks of taking the helm, he centralized the
Company's risk management function and appointed
a head of risk management to report directly to
the CEO along with heads of compliance and
internal audit. He also restructured the investment
organization, appointing chief investment officers for
fixed income and equities, creating new high-yield
corporate debt and investment grade bond teams,
and consolidating sales and marketing functions to
enhance client communication.
In addition, the Company scaled back some
of its business line and product offerings, and it
worked to provide advisors with new tools and
techniques for serving their clients, such as college
funding education programs.
At the same time, Glavin recognized that
OppenheimerFunds' traditional values were the
Company's greatest asset. As he said in the spring
of 2009, "We're moving aggressively to address the
challenges that we were facing last year and to
move forward. Our goal is to deliver investment
excellence to our advisors and shareholders, and
we'll try to do that by sticking to the values that
OppenheimerFunds has lived for many decades.
Those values have worked in the past, and we
believe they will work regardless of what the
economy looks like in the future." n

"One of the things that I've done throughout
my career is really drive change management."
WILLIAM GLAVIN, JR., CHIEF EXECUTIVE OFFICER OF OPPENHEIMERFUNDS

CHANGING FACES,
ENDURING CULTURE
As OppenheimerFunds grew and diversified, so
did its workforce. New employees coming on board
to replace retiring veterans could have prompted
concerns about how the Company would maintain
its culture of integrity and fair dealing but for one
fact: many of the new employees were choosing
OppenheimerFunds because of that reputation.
Chairman and CEO Murphy also contributed to
the continuity of the Company's values. Arriving at
OppenheimerFunds from MassMutual, the Firm's
majority owner, in August 2000 and assuming the top
spot a year later, at first Murphy was regarded as a
"MassMutual" executive. But as he led OppenheimerFunds through the aftermath of September 11 and
helped grow the Company, it became clear he was
fully entrenched with OppenheimerFunds' culture
and was committed for the long haul.
Murphy's personality and leadership style
meshed well with the long-standing OppenheimerFunds corporate values of excellence, integrity, team
spirit, and caring. The Company supported these
principles in several ways. One significant event was
the revitalization of the OppenheimerFunds Spiro
Awards in 2005. Named after former OppenheimerFunds chairman and president Donald Spiro, the
awards were established in 1992 to recognize
employees who made significant contributions to
the Company's success while demonstrating a deep

2008
Barack Obama defeats John McCain to become
the first African-American president of the United States.

62 * OppenheimerFunds: The First Fifty Years

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The Right Leadership,
at the Right Time

Oppenheimer 60th Anniversary

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