A photograph in yesterday's Business Newsmakers column in the Business & Finance section was incorrectly identified as that of Herbert Leibenson, executive director of the Small Business Legislative Council. The picture was of Duke Murray, senior vice-president of VVKR Inc. and recently installed president of the Virginia chapter of the American Institute of Architects.

W. Hugh McNaughton has been elected executive vice president/finance of the International Bank of Washington.

Before joining International Bank in 1957, McNaughton worked at the National Association of Securities Dealers and its predecessor organizations for more than 23 years. In February 1962 he became vice president for finance of IB and was promoted to senior vice president in 1972.

Changes were also announced at two subsidiaries of International Bank. B. Frank Taylor has been promoted from president to vice chairman of the board and chief executive officer of International Globe Industries Inc., the industrial holding company subsidiary of International Bank. Jerauld L. Olmsted has been promoted from vice president to president, succeeding Taylor.

Globe Industries, a wholly owned subsidiary of IB, announced the election of Irving H. Mann as president of the company, succeeding James A. Boggis. Mann has been employed bythe company in various capacities since 1936.

Herbert Liebenson, acting president of the National Small Business Association, has been elected executive director of the Small Business Legislative Council, which represents more than four million small businesses in America.

Sen. Eugene J. McCarthy has been elected to the board of directors of Harcourt Brace Jovanovich Inc.

James E. Lodge has been named executive director of the American Bankers Association, communications group. He is the former director of the Aba's operations and automation division.

Robert L. Weirich has been named director of the systems engineering division at International Business Services Inc. He will be responsible for all of the firm's engineering and transportation contracts.

James P. Schwartz, president of the Styro-Products sector of the chemical-plastics group of Dart Industries Inc., has been elected president of the Single Service Institute, the national trade association of the manufacturers off disposable paper and plastic food service ware.

Pamela A. Koester has recently joined the firm of Kamber Engineering Inc. of Rockville. Koester has a B.S. degree in nuclear engineering and an M.S. degree in environmental engineering.