David M. Penney of Toronto Chapter becomes TEI president.

• Position: Tax Executives Institute

With a fiscal year that ends on June 30, Tax Executives Institute holds its Annual Meeting of Members each August. The meeting, which is coupled with a meeting of the Institute's Board of Directors, is devoted to reviewing the just completed fiscal year and installing a new slate of officers. This year's Annual Meeting of Members, which was held in Colorado Springs, marked the end of the term of Paul O'Connor of the New England Chapter and the beginning of the presidency of David M. Penney of the Toronto Chapter.

Mr. Penney assumed his post in a tumultuous political and economic environment. Governments at all levels and around the globe have had to grapple with large deficits and high levels of debt. These factors have forced those governments to examine both expenditures and the tax systems that raise the revenue necessary to fund those programs. "David's depth of experience, as a tax professional and a leader of TEI, and his keen judgment will serve the Institute well over the next year," said immediate Past President Paul O'Connor. "He understands the myriad challenges faced by in-house professionals and what it takes for them to be successful, especially as changing economic and regulatory conditions continue to challenge the profession. He also understands the importance of long-term planning to organizations such as TEI."

A member of TEI's Toronto Chapter for nearly two decades, Mr. Penney is General Director--Taxes for General Motors of Canada Limited. He has previously held several important positions in TEI's leadership, most recently as Senior Vice President and chair of the Continuing Education Committee. He has been a member of TEI's Executive Committee and was Vice President for Canadian Affairs in 2004-2005. He has also chaired TEI's Canadian Income Tax Committee and its Governance Task Force. Mr. Penney has served as President of the Toronto Chapter as well as the chapter's representative on TEI's Board of Directors.

Mr. Penney's work for TEI has helped reinforce strong relationships with tax agencies in both the United States and Canada. Upon learning of Mr. Penney's selection as TEI president, Canada Revenue Agency Assistant Commissioner for Legislative Policy & Regulatory Affairs, Brian McCauley commented, "As you well know, we enjoy an excellent working relationship with TEI, largely because of the professionalism and quality of its members and of the sense of collaboration that they bring to all our interactions. Dave's...