Kurt Wolfgruber has replaced Len Darling as chief investment officer at OppenheimerFunds. Darling will retain his duties as vice chairman until his retirement on June 30, 2003. Wolfgruber has been at OppenheimerFunds since April 2000, is currently the company's senior investment officer and director of domestic equities. He is responsible for the investment process of approximately $50 billion in assets managed by OppenheimerFund's domestic equity portfolio teams.

"Kurt Wolfgruber has close to 30 years of investment management experience, both as an analyst and money manager," said John V. Murphy, Chairman, president and CEO of OppenheimerFunds in a statement. "In his tenure as director of domestic equities, Kurt has proven to be a skilled manager of those teams and an articulate spokesperson for the firm. His investment acumen and management style make him an outstanding choice for the job."  

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