The president and CEO of the Flinn Foundation announced in the organization’s annual report that he will be retiring next year.

John W. Murphy has been head of the nonprofit philanthropy group for 28 years and is set to step down from his position on June 1, 2009.

The foundation’s assets were at $2 million in 1981, when Murphy took over and, as of 2007, reached $215 million.

Established in 1965, the Flinn Foundation contributed to the bioscience industry in the state, raising money for the Arizona Health Care Cost Containment System, University of Arizona College of Medicine, and Critical Path Institute (C-Path).