Salt Lake City, Utah — The Executive Committee of the Board of Directors of Deseret Management Corporation, comprised of the First Presidency of The Church of Jesus Christ of Latter-day Saints, named Mark H. Willes, 67, of Provo, Utah as the new President and Chief Executive Officer of the Deseret Management Corporation in a board meeting today. Former CEO Rodney H. Brady, 76, announced his retirement in the same meeting.

Mr. Willes, a former assistant professor and lecturer of finance at the Wharton School of Finance and Commerce of the University of Pennsylvania, has served on numerous corporate boards and in many business management positions at the Federal Reserve Bank in Philadelphia and Minneapolis, at General Mills, The Times Mirror Company and The Los Angeles Times.

Mr. Brady has served as Deseret Management Corporation’s President and Chief Executive Officer since 1996 and his retirement will be effective March 2009. He plans to work on his memoirs covering his time at Deseret Management Corporation.

“We approach this transition with mixed emotions,” said President Thomas S. Monson. “Mark brings a rich background of corporate world experience and is well respected in the international business community. We look forward to working with him. At the same time, we will miss our close association with Rod and his wife Mitzi. We sincerely appreciate these many years of his devoted service.”

Deseret Management Corporation oversees for-profit commercial enterprises affiliated with The Church of Jesus Christ of Latter-day Saints.

This article was prepared by the The Church of Jesus Christ of Latter-day Saints Newsroom at lds.org.