PFD and PFO Announce Results of Annual Election of Officers
April 21 2015 - 6:04PM
Business Wire
The Boards of Directors of Flaherty & Crumrine Preferred
Income Fund Incorporated (NYSE: PFD) and Flaherty &
Crumrine Preferred Income Opportunity Fund Incorporated (NYSE:
PFO) today elected the following new officers of the funds.
R. Eric Chadwick, Chief Executive Officer and
PresidentBradford S. Stone, Chief Financial Officer and Vice
President
Mr. Chadwick replaces Donald F. Crumrine as the principal
executive officer of each fund and Robert M. Ettinger as the
President. Mr. Chadwick had previously served as Chief Financial
Officer and Vice President of PFD and PFO since 2004. Mr. Crumrine
had served as principal executive officer since 2002. Mr. Crumrine
will continue to serve as the Chairman of the Boards of
Directors.
Mr. Stone replaces Mr. Chadwick as the principal financial
officer of each fund. Mr. Stone had previously served as a Vice
President and Assistant Treasurer of PFD and PFO since 2003.
All other officer positions remain unchanged from the prior
fiscal year. In addition, Messrs. Chadwick, Stone, Crumrine and
Ettinger continue to serve as portfolio managers.
Past performance is not indicative of future performance. To the
extent any portion of the distribution is estimated to be sourced
from something other than income, such as return of capital, the
source would be disclosed on a Section 19(a)-1 letter located under
the “SEC Filings and News” section of the funds’ website,
www.preferredincome.com. A distribution rate that is largely
comprised of sources other than income may not be reflective of a
fund’s performance.
PFD was organized in 1991 and PFO was organized in 1992 as
closed-end funds which invest primarily in preferred securities.
Each Fund’s investment objective for holders of its common stock is
high current income consistent with preservation of capital. PFD
and PFO are managed by Flaherty & Crumrine Incorporated, an
independent investment adviser which was founded in 1983 to
specialize in the management of portfolios of preferred and related
securities. Flaherty & Crumrine also manages three other U.S.
closed-end funds: Flaherty & Crumrine Preferred Securities
Income Fund (NYSE: FFC); Flaherty & Crumrine Total Return Fund
(NYSE: FLC); and Flaherty & Crumrine Dynamic Preferred and
Income Fund (NYSE: DFP).
PRESS AND ANALYST INQUIRIES:Flaherty & Crumrine
IncorporatedChad Conwell, 626-795-7300www.preferredincome.com
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