Mr. Salerno, 60, is a native New Yorker who began his career with New York Telephone in 1965 and rose to Vice President in 1983, where he directed the company's mandated divestiture from the Bell System. In 1985 he was promoted to Executive Vice President and Chief Operating Officer of New England Telephone and in 1987 to President and Chief Executive Officer of New York Telephone, which later merged into Bell Atlantic.

Mario J. Gabelli, Chairman and Chief Executive Officer of Gabelli Asset Management, said: "We are delighted to have attracted Fred Salerno to serve our shareholders on the Board of Directors. His perspective built through a long and brilliant senior management career further strengthens and deepens the Board."

Mr. Salerno is a member of the boards of Bear Stearns Company, Inc., Consolidated Edison, Inc., Heidrick & Struggles, Viacom, Inc. and other companies.

Mr. Salerno earned a Bachelor of Science degree in electrical engineering from Manhattan College and an MBA from Adelphia University.

Gabelli Asset Management Inc., through its subsidiaries, manages approximately $26 billion in assets of mutual funds and closed-end funds (Gabelli Funds, LLC), partnerships (Alternative Investment Group) and private advisory accounts (GAMCO).