BALTIMORE, MARYLAND - MARCH 20, 2013 - The Boards of Directors of The Adams Express Company (NYSE:ADX) and Petroleum & Resources Corporation (NYSE: PEO) have selected Kathleen T. McGahran to serve as the Chairperson of the Boards of Directors of both Companies, effective March 19, 2013. Dr. McGahran is the first non-executive director to serve as Board Chairperson.
Dr. McGahran has been a member of the Companies’ Boards of Directors since 2003. She is a Principal & Director of Pelham Associates, Inc., which designs and provides executive education programs to an impressive list of large financial, insurance, academic and media-related institutions. She also is an Adjunct Associate Professor at the Stern School of Business at NYU, and formerly served as Associate Dean and Director of Executive Education and Associate Professor at Columbia University, and as an Adjunct Associate Professor at the Tuck School of Business at Dartmouth College.
Dr. McGahran holds a Ph. D. in Accounting and Finance from NYU, a Master’s in Business Administration from Iona College, and a J.D. from Fordham University. She received her undergraduate degree from Marymount College. She maintains her C.P.A. and is a member of the New York and New Jersey Bars.
The Adams Express Company and Petroleum & Resources Corporation are Baltimore-based closed-end funds that have been operating as investment companies since 1929. They are traded on the New York Stock Exchange and their symbols are ADX and PEO, respectively.
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For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, General Counsel & Secretary
at (410) 752-5900 or (800) 638-2479