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PONTE VEDRA BEACH, Fla. -- The PGA TOUR Policy Board said Wednesday that Richard J. Ferris, Chairman of the Policy Board since 1993, has announced his intention to retire from the Policy Board after 20 years of service, effective December 31, 2007.

The TOUR's Policy Board also announced that Edward E. Whitacre, Jr., Chairman Emeritus of AT&T Inc., would be joining the Policy Board effective January 1, 2008.

"This is a very bittersweet transition for me, and for all of the PGA TOUR family," said TOUR Commissioner Tim Finchem. "Over his long and distinguished tenure with our Policy Board, and particularly in his role as the Board's Chairman, Dick's business acumen and steady leadership have been instrumental in growing the reach and impact of the PGA TOUR. He has consistently provided invaluable insight and support to me personally, and has been a very effective advocate for the TOUR's core values and ability to positively impact lives and communities through charitable giving. The PGA TOUR owes Dick Ferris a real debt of gratitude for his service and commitment, and we will miss him greatly.

"The PGA TOUR is fortunate, indeed, to have another accomplished leader of Ed Whitacre's caliber join our Policy Board," Finchem said. "Ed has long been known as one of corporate America's most effective and accomplished executives, and his tremendous experience and insights will be very important assets to the PGA TOUR and our Policy Board. And, we're delighted that Ed brings with him a significant understanding of the TOUR's competitive and business operations through the sponsorships that AT&T and its related businesses have had through the years on the PGA TOUR and Champions Tour. We look forward to the many contributions Ed will bring to our organization beginning next year, including his continuing emphasis on the TOUR's charitable focus."

Davis Love III, currently serving his third term as a Player Director on the Policy Board, said, "Speaking on behalf of the membership, we are very grateful to Dick Ferris for his tireless service. He truly has had the TOUR's best interests at heart as he helped develop the policies and priorities that have guided the TOUR's growth and success. On a personal note, I've always appreciated his friendship and the support he's shown me, both as a person and as a competitor.

"Moving forward, I very much look forward to working with Ed Whitacre, who is recognized as an outstanding business leader and is someone who has extensive knowledge of and appreciation for the PGA TOUR and its goals," Love added.

Brad Faxon, Co-Chairman of the TOUR's Player Advisory Council, said, "We're delighted to have a businessman of Ed Whitacre's stature join our Board. It sends a great message to everyone associated with the PGA TOUR -- players, sponsors, charities and fans -- that someone with his broad experience and vision will be advising the Commissioner and his team as a member of the Policy Board. I certainly look forward to working closely with him when I join the Policy Board next January for my third term as a Player Director."

Ferris joined the PGA TOUR Policy Board as an Independent Director in 1992 and became its Chairman in 1993. Prior to that, he served as an Independent Director and Chairman of the TOUR's Senior Division Board (now Champions Tour Division Board) from 1985 to 1992. Currently Co-Chairman of Lone Cypress Partners, Mr. Ferris has had a distinguished business career that included serving as the Chairman and CEO of United Airlines and Co-Chairman and CEO of Doubletree Corporation. Among other appointments, he has served as a member of the Board of Rockwell Collins, Inc., The Proctor & Gamble Company, and BP-Amoco Corporation.

Mr. Whitacre was named Chairman Emeritus of AT&T Inc. in June, 2007, following a renowned career at AT&T and then-SBC Communications, where he served as Chairman and CEO from 1990 until his retirement earlier this year. He provided leadership to a series of industry-changing mergers and acquisitions, including the 2005 acquisition by SBC Communications of AT&T Corp. He started his career at the company in 1963 following graduation from Texas Tech University. Mr. Whitacre has long been active in civic and business organizations, and serves on the Boards of Anheuser-Busch Companies and Burlington Northern Santa Fe Corporation.

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