Arthur Blank Family Foundation

ATLANTA, February 4, 2004 - The Arthur M. Blank Family Foundation announced today that the Foundation trustees have appointed Penelope (Penny) McPhee president of the Foundation. Ms. McPhee will assume her new position in early April, after relocating from South Florida.

As the Foundation’s president, Ms. McPhee will initially direct the implementation of the Foundation’s strategic plan, which will focus its grant making and other resources on promoting positive change in people’s lives and building and improving the communities in which they live. Elise Eplan, vice president for special initiatives, and Deva Hirsch, vice president for program, will continue in their management roles at the Foundation.

"Penny's social and cultural awareness, her involvement in community development and her 'heart' for a broad variety of societal issues equip her well for the work and future direction of our Foundation," said Arthur M. Blank, chairman of The Arthur M. Blank Family Foundation. "My family and I, as well as our Foundation staff, are excited about the future direction of the Foundation, and we look forward to working with Penny in bringing our plans to fruition and beyond."

Ms. McPhee joins The Arthur M. Blank Family Foundation from the John S. and James L. Knight Foundation in Miami, where she was Vice President and Chief Program Officer, directing the planning, development and implementation of the $1.8 billion foundation's grants program. McPhee joined the Knight Foundation in 1990 as director of arts and culture programs, and most recently led the Knight Foundation’s strategic planning effort and subsequent implementation.

"I am very excited to be joining the Blank Family Foundation at this significant time in its development and history," said Ms. McPhee. “I have great respect for what this Foundation, its trustees and staff have already accomplished through their passion for helping others. I share their commitment to continuously finding ways to have a greater impact on society, and I look forward to being part of this group of fine, caring, professional people.”

Knight Foundation president and CEO Hodding Carter III, who also is a former spokesman of the Department of State under the Carter administration, said of Ms. McPhee, “The Blank Family Foundation could not have found a person better-suited for the mission of their Foundation. Penny's depth of experience and commitment to the field, her brilliant power of analysis and organization, and her strategic thinking skills make her a perfect fit. The Knight Foundation hates to lose her, but I couldn’t think of a better place for her to be going.”

In addition to her foundation experience, Ms. McPhee has roots in television program production and journalism. She has produced numerous cultural documentaries and programs for public television and is the author of Martin Luther King, Jr.: A Documentary, Montgomery to Memphis, which was recognized as one of the “Best Books of the Decade” by the American Library Association.

Ms. McPhee serves on the board of the Council on Foundations, and is a past board member of the Council of Southeastern Foundations. She is a past president of Grantmakers in the arts, a national affinity group of arts funders, and the past chairman of the Dade County Art in Public Places Trust.

Ms. McPhee holds a master’s degree from the Graduate School of Journalism at Columbia University, and a bachelor’s degree in English and theatre arts from Wellesley College. McPhee and her husband, Raymond McPhee, a retired film and television writer and producer, have one daughter, Cameron.

Arthur M. Blank founded The Arthur M. Blank Family Foundation in 1995 to share his civic values and the joy of giving with his family. Since that time, the Foundation has contributed more than $100 million to support youth development, preserve green space, sustain the arts and enhance the quality of life. The Foundation awards grants in communities where members of the Blank family have community roots: Georgia; coastal South Carolina; and Maricopa County, Arizona. It also supports two affiliated funds: the Atlanta Falcons Youth Foundation and the Mountain Sky Guest Ranch Fund in Montana.

Mr. Blank is co-founder of The Home Depot, the world’s largest home improvement retailer, and the owner and CEO of the Atlanta Falcons professional football club.