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Office of the Press Secretary

For Immediate Release April 24, 1998


President Clinton today announced the appointment of Mr. J. Gary Burkhead, of Boston, Massachusetts to the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council (ABAC). Mr. Burkhead is the Vice Chairman of FMR Corp., the parent company of Fidelity Investments, the nation's largest mutual fund company, and president of Fidelity's Personal Investments and Brokerage Group.

Mr. Burkhead replaces Mr. Robert Denham, former Chairman, CEO of Salomon Inc. as one of three U.S. representatives to ABAC. The other two members of ABAC representing the U.S. are Ms. Susan Corrales-Diaz, Systems Integrated Inc., and Mr. John (Jack) F. Smith, General Motors Corporation.

ABAC, the private sector arm of APEC, was established by APEC leaders in 1995 to advise them on issues affecting business in the region. It is comprised of up to three senior business leaders from each of the APEC economies, who report annually to APEC leaders. ABAC representatives have met with APEC leaders at both summits since the creation of the Council (in 1996, at Subic Bay, and in 1997, at Vancouver.)