The board of directors of the Securities Industry Association has elected Daniel Ludeman as the trade association’s chairman for 2005.

Ludeman is president and chief executive officer of Wachovia Securities LLC. He succeeds Richard Thornburgh, vice chairman of Credit Suisse First Boston. Thornburgh will continue to serve on SIA’s board in 2005 as immediate past chairman.

James Gorman, executive vice president of Merrill Lynch & Co. Inc. and president of the company’s Global Private Client Group, will serve as chairman-elect. The SIA’s vice chairs will be: Ellyn McColgan, president, Fidelity Investments, and Stephen Lessing, managing director, head of client relationship management, Lehman Brothers Holdings Inc.

James Price, executive vice president and director of investment and marketing solutions, UBS Financial Services Inc., will continue as treasurer. Douglas Hill, managing partner, Edward Jones, will become SIA vice chairman and will continue as chairman of the political action committee. Marc Lackritz will continue as president.

In his inaugural speech as chairman, Ludeman pledged to win back investor confidence, promote the importance of investing and saving, and to lobby for investor-friendly tax reform.

The first item on his agenda is to implement SIA’s Commitment to Clarity initiative to help nurture investor trust.

Ludeman pledged that SIA would continue its efforts in support of efficient and effective regulation, and said, “We will devote our time and attention to promoting investor education and to making sure that our industry more closely reflects the diversity of the marketplace we serve.”

He also called on the industry to work hard to promote savings and investing, especially in light of the 76 million U.S. baby boomers approaching retirement age.

In conclusion, Ludeman said that SIA’s effectiveness depended on the involvement and commitment of its members. “Remember,” he said, “that SIA is a member-driven organization. And the hallmark of our success is participation. I ask you to get involved, lend your energy and your ideas to our association. We’re stronger when we work and act together.”