New York (Feb. 28, 2002) - Former Federal Reserve chairman Paul Volcker announced Wednesday that Charles A. Bowsher, chair of the soon-to-be-disbanded Public Oversight Board, will serve beside him on a panel to examine and change firm policies at Andersen in an effort to restore the firm's credibility following the Enron fiasco.

P. Roy Vagelos, retired chair and chief executive of Merck & Co. Inc., completes the three-member board. Vagelos and Bowsher will receive $50,000 honorariums and $1,000 per meeting for their work. Volcker will receive no stipend for his participation.

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