OppenheimerFunds picks president

Kurt Wolfgruber was named president of OppenheimerFunds, confirmed spokeswoman Jeaneen Pisarra. Mr. Wolfgruber, who has been the firm’s CIO, took on the additional role from John V. Murphy, who will continue as chairman and CEO. The move was made to broaden the management team, said Ms. Pisarra, who added Mr. Wolfgruber will now specifically focus on the company’s retail and wealth management businesses.