From the Cato Institute:

Cato Institute Welcomes New CEO, Announces Changes to Board

October 1, 2012

Media Contact: (202) 789-5200

WASHINGTON, D.C. — The Cato Institute will welcome John A. Allison, former chairman and CEO of BB&T, as its new President and CEO on October 1. Edward H. Crane, founder and current president, will remain with the organization for a transition period, and will then assume a new role as a consultant on fundraising.

“As a long time admirer of Cato’s important work, I am excited about joining the Cato team in enriching the understanding of the principles of individual liberty, limited government, free markets, and peace which are the foundation of a free and prosperous society,” Allison said.

Cato also announced today a new Board of Directors:

• John A. Allison, Retired Chairman & CEO, BB&T
• K. Tucker Andersen, Director, Above All Advisors
• Richard J. Dennis, President, Dennis Trading Group
• William A. Dunn, PhD, President, Dunn Capital Management
• Ethelmae C. Humphreys, Chairman, Tamko Roofing Products, Inc.
• David H. Koch, Executive Vice President, Koch Industries, Inc.
• Robert A. Levy, Chairman, Cato Institute
• John C. Malone, Chairman, Liberty Media Corporation
• Preston Marshall, President, MarOpCo Inc.
• Nancy M. Pfotenhauer, Consultant, Washington, D.C.
• Lewis E. Randall, Former Director, E*Trade Financial
• Howard S. Rich, Chairman, Americans for Limited Government
• Donald G. Smith, President, Donald Smith & Co., Inc.
• Nestor R. Weigand, Jr., President, J.P. Weigand & Sons, Inc.
• Jeffrey S. Yass, Managing Director, Susquehanna International Group, LLP
• Fred Young, Former Owner, Young Radiator Company

In June, Cato reached an agreement in principle to settle lawsuits filed by Charles Koch and David Koch against Cato, its CEO, and several of its directors. Terms of the agreement include moving Cato from a governance structure under which stockholders elected the Board of Directors to a new structure under which the Board elects its own successors who oversee the Institute. “With this mutual resolution, we can now put these issues behind us and turn our focus toward advancing Cato’s mission,” said Board Chairman Robert Levy.

Levy also noted the significance of Crane’s tenure at Cato.

“This is a new chapter in Cato’s history, but also the end of an era. From the Institute’s inception, Ed Crane has played an indispensable role, co-founding, managing and shaping it into one of the nation’s leading research organizations.”

Crane extended his gratitude to Cato’s employees, directors, and donors for their ongoing support. He welcomed Allison, whom he described as “a great champion of liberty and an outstanding choice to build on Cato’s success as the foremost non-partisan, non-aligned, independent source of libertarian perspectives on public policy.”