CHICAGO, Dec. 30 /PRNewswire/ -- Harris Associates L.P., investment adviser to The Oakmark Funds, announced today that John Raitt has been elected President of The Oakmark Funds, effective January 1, 2004. Raitt, 49, is President and Chief Executive Officer of Harris Associates. Previously, he served as the firm's Director of Research for five years and was a research analyst. Raitt also held the additional title of Chief Operating Officer from September 2001 to December 2002. He has been with Harris Associates since 1986. Completing a transition that began earlier in the year, Raitt will succeed Robert Levy, who currently serves as Chairman and Chief Investment Officer of Harris Associates. This change allows Levy to focus his involvement on day-to-day investment responsibilities, and in leading the firm's investment team. BIOGRAPHIES: John Raitt is a Partner, President and the Chief Executive Officer for Harris Associates, and President of The Oakmark Funds. He joined Harris Associates in 1986 where he served as a research analyst, became Director of Research in early 1998. Prior to joining Harris Associates, John was an Investment Officer at The Northwestern Mutual Life Insurance Company responsible for private equity and fixed income investments. He has a B.A. in Economics from Williams College (1978), a M.B.A. from Northwestern University (1980). John has over twenty-three years investment experience and is a CFA charterholder. Robert Levy is a Partner, Chairman and Chief Investment Officer of Harris Associates. He is also a Portfolio Manager for both individual and institutional portfolios. He received a Bachelor of Arts degree from Vanderbilt University in 1972 and earned his Master of Business Administration degree from the Wharton School of Business, University of Pennsylvania in 1974. Bob has over twenty-seven years investment experience and is a CFA charterholder. ABOUT HARRIS ASSOCIATES L.P.: Harris Associates L.P., a Chicago-based investment management firm founded in 1976, serves as the Adviser to The Oakmark Funds and manages separate accounts for institutional and high net worth investors. As of November 30, 2003, total assets under management were over $43 billion. Harris Associates' fundamental investing philosophy is employed through a disciplined adherence to a value approach and is based on three tenets: to invest in companies trading at a significant discount to estimated intrinsic business value, with companies that consistently grow value over time, and that have shareholder-oriented management teams. To learn more, visit www.harrisassoc.com or www.oakmark.com . The Oakmark Funds are distributed by Harris Associates Securities L.P., member NASD. For more information, visit www.oakmark.com for a prospectus, which should be read carefully before investing.
SOURCE Harris Associates L.P.