Heather H.

Murren, CFA
Heather Murren is a private investor with over 25 years of professional experience in
finance as well as more than a decade of service in health care and government.
Ms. Murren began her career on Wall Street at Salomon Brothers in 1988 as a research
analyst and ultimately retired in 2002 as a managing director, Global Securities Research
and Economics, of Merrill Lynch where she was group head for the Global Consumer
Products Equity Research effort. In this position, she coordinated the
efforts of Merrill Lynchs 16-member global consumer products team, encompassing
analysts in Pacific Asia, Australia, Canada, Europe and the United States. and focused her
analysis on global consumer branded goods positioning and market share, branded versus
private label consumer goods, retail and direct sales distribution channels.
In addition she served in an advisory capacity through active investment banking work as
advisor to major Fortune 500 companies such as Gillette, Procter & Gamble, Beiersdorf
and Avon with global mergers and acquisition assignments and public offerings including
debt, secondary equity shares as well as co-leading the initial public equity offerings of
Estee Lauder, Amway Asia Pacific and Rayovac.
A highly ranked analyst, Ms. Murren was recognized in all major financial industry
surveys for the quality of her written work and timely market calls. She was chosen six
consecutive years as a member of Institutional Investors All-American Research
Team. Her multi-year inclusion in the Greenwich survey and repeated designations by the
Wall Street Journal as an all-star analyst underscore her other notable achievements in
the economic and financial services community. She was profiled in Fortune magazine as
one of Wall Streets all-star analysts while at Merrill Lynch.
After retiring from Wall Street, in 2002, she co-founded the first non-profit cancer
research and treatment center in Las Vegas, the Nevada Cancer Institute (NVCI) where
she served as Chairman until 2009 and CEO until 2006. The 140,000 square foot flagship
facility was constructed between 2002 and 2005 when it opened to patients and
researchers with fully integrated wet and dry laboratories, imaging, radiation and clinical
oncology practices and patient support services. The NVCI carried out the first-ever firstin-man clinical trials in the state of Nevada as well as other seminal clinical trials making
previously unavailable early-stage clinical trails therapies available to the over 15,000
patients served. The research center-clinic flagship facility was acquired by the
University of California San Diego Health Systems in January 2012 and subsequently the
NVCI Foundation was then merged into Roseman University in December 2013 after a
reorganization.
Ms. Murren was appointed in 2009 by Congress to serve on the
Financial Crisis Inquiry Commission (FCIC), a 10-member Federal commission
established to examine the domestic and global causes of the financial crisis. The
commission, to which subpoena powers were granted, examined and held hearings on
more than 20 specific areas of inquiry, including the role of fraud and abuse in the
financial sector; state and federal regulatory enforcement; tax treatment of financial

products; lending practices and securitization; and corporate governance and executive
compensation. The commission reported its findings in January of 2011. The published
book, The Financial Crisis Inquiry Report was listed on the New York Times bestseller
list and was critically acclaimed.
Most recently, Murren served as a Commissioner on the White House Commission for
Enhancing National Cybersecurity, a twelve-member commission charged with
identifying the steps our nation must take to ensure our cybersecurity in an increasingly
digital world. The commission report was submitted December 2nd, 2016 and made
recommendations relating to consumer rights and responsibilities in the digital age, the
internet of things, building cyber workforce capabilities, better equipping the government
to function securely and effectively in the digital age, among others.
She is a member of the Board of Trustees of the Johns Hopkins University (JHU) and the
JHU Applied Physics Laboratory. The Applied Physics Laboratory is a not-for-profit
university-affiliated research center providing research and development in the areas of
cybersecurity, undersea and air defense, space, national security analysis, special
operations and strategic defense to our nation. She has previously held a gubernatorial
appointment to the Nevada Academy of Health and the Board of Economic Development
for the state of Nevada.
Ms. Murren is a graduate of the Johns Hopkins University and is a Chartered Financial
Analyst. Fluent in Spanish and French, she has served as a translator and medical
assistant for Volunteers in Medicine of Southern Nevada, a nonprofit organization that
provides healthcare to the community regardless of the patients ability to pay. Ms.
Murren is President of the Murren Family Foundation which focuses grants on education,
health care and military veterans, and has been certifiedis a Nationally Registered EMT
Basic NREMT (B).
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