New CEO selected for supply chain organization The Institute for Supply Management recently announced Thomas Derry as the new CEO of the company. He will take office on July 30.

"Following a thorough and rigorous recruitment process, the search committee determined that Tom Derry is a top-notch choice," said Lisa Martin, ISM board member and CEO search committee chair. "We interviewed a number of outstanding candidates and are excited to have found an individual who brings a wealth of experience in association management as well as someone who can define and execute a clear strategy and vision for ISM."

Since 1915, ISM has served as a leading industry organization among supply chain businesses worldwide. The non-profit is well-known for publishing its monthly "Report on Business, and conducts influential research, articulates industry standards, disseminates information, and offers a number of professional certifications.

Derry was previously the vice president and COO at the Association for Financial Professionals in Bethesda, Maryland. He will now take over Paul Novak's position at ISM.

The Institute's services-sector index showed signs of improvement recently, increasing  from 53.5 percent in April to 53.7 percent in May. Readings over 50 percent indicate more firms are expanding as opposed to contracting.
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