News Release

Raymond A. "Chip" Mason, chairman, president and CEO of Legg Mason Inc. and a trustee of The Johns Hopkins University since 1987, has been elected chair-elect of the university's board of trustees.

Mason, who is also a trustee of Johns Hopkins Medicine, will serve as chair-elect until the May 2002 meeting of the university board. He will then succeed Michael R. Bloomberg, whose six-year term as the 13th chair of the board will conclude at that meeting.

William R. Brody, president of the university, said Mason has been one of Johns Hopkins' most devoted board members, chairing both the university board's Investment Committee and Johns Hopkins Medicine's Finance Committee. He has also served on the executive committees of both the university and Johns Hopkins Medicine boards.

"Chip has developed a deep understanding of the operations of the university and the health system and has provided valuable advice and counsel for more than a decade," Brody said. "I look forward to working with Chip as we face challenges confronting all research universities and academic medical centers today: keeping education affordable, investing in our faculty, keeping our facilities first-rate, and dealing with the issues raised by the globalization of education, research and patient care."

Mason founded Mason and Co. in 1962 and has spent his career building what is now the Baltimore-based financial services company Legg Mason, Inc. He was chairman of the Securities Industry Association in 1986 and chairman of the board of governors of the National Association of Securities Dealers in 1974 and 1975. He chaired the Greater Baltimore Committee from 1988 to 1990 and is a past board member of the Baltimore Museum of Art and National Aquarium in Baltimore. Since 1995, he has chaired the Maryland Business Roundtable for Education. In addition, he chaired the 1985 United Way of Central Maryland Campaign.

The university's board has also elected seven new trustees:

Anthony Deering, chairman, president and chief executive officer, The Rouse Co., Columbia, Md. (trustee, six-year term).

Ina R. Drew, managing director, Global Treasury Division, J.P. Morgan Chase & Co., New York, and a 1978 graduate of Johns Hopkins (home: Short Hills, N.J.). (trustee, six-year term).

Edward J. Kelly III, chief executive officer and president, Mercantile Bankshares Corp., Baltimore. (trustee, six-year term).

Edward J. Ludwig, president and chief executive officer, Becton, Dickinson & Co., Franklin Lakes, N.J. (home: Demarest, N.J.) (trustee, six-year term).

Richard S. Frary, president, Tallwood Associates Inc., New York, and a 1969 graduate of Johns Hopkins. (alumni trustee, six- year term).

Ronald M. Nordmann, retired partner, Deerfield Management, New York (home: Little Falls, N.J.). (alumni trustee, six-year term).

Vadim Schick, a 2001 graduate of Johns Hopkins with a double major in history and Russian literature, Dewitt, N.Y. (young trustee, four-year term).

The following have been elected trustees emeriti: H. Furlong Baldwin of Baltimore, Andrew J. Bozzelli of Ardmore, Pa., and Ralph S. O'Connor of Houston.