The Housing Investment Trust, an investment company sponsored by the AFL-CIO, has named Floyd H. Hyde as chief executive officer, effective immediately.

Hyde, 65, who had served as chairman of the board of directors since the company's inception in 1982, replaces John Evans, who died in January. Marvin Gilman has been named acting board chairman; a permanent chairman will be elected by the board of directors in August.

The trust is a registered investment company that manages investments for unions and pension funds affiliated with the AFL-CIO. It invests in union-built and federally guaranteed or insured housing projects, including single-family homes, apartment complexes and retirement facilities in almost every state.

The trust tries to do two things, Hyde said: provide safe investments with competitive yields for unions and pension funds and stimulate business for union construction workers. The company now manages assets of $150 million and reports a net yield of 17.7 percent on investments since its founding in 1982.

Hyde has had a long career in the housing industry and community affairs. He became assistant secretary of the Department of Housing and Urban Development in January 1969 and served as undersecretary of the same department from 1973 to 1974. He left HUD in 1975 to found his own company, Floyd Hyde Associates, a consulting firm that advises local governments on federally related issues and housing funds. Before moving to the East Coast in 1969, Hyde served as mayor of Fresno, Calif., for five years.

In his new job, Hyde intends to increase union participation in the trust and establish a second investment trust. "We expect to add a parallel trust in addition to the federally insured housing projects that will invest in commercial and industrial real estate. That's what we are looking to in the future," he said.

BANKING, FINANCIAL SERVICES

First American Bank of Virginia appointed John O'Neill vice president and department head of the retail marketing division. O'Neill joined the bank in 1974 as a commercial loan collector.

Peter A. Converse, former senior vice president of Central National Bank, joined Century National Bank as executive vice president and chief lending officer. DeSoto S. Jordan, vice president of EDS Corp., and James P. Mooney, president of the National Cable Television Association, were named to the board of directors.

F. Carlyle Tiller will retire as president and chief executive officer of WFS Financial Corp. and its subsidiary, Wheat, First Securities Inc., effective Sept. 1. The board of directors elected John L. McElroy Jr. as vice chairman and chief executive officer of WFS Financial Corp. and Marshall B. Wishnack its president and chief operating officer. McElroy was elected chairman and chief executive officer of Wheat, First Securities Inc. and Wishnack, currently president, will take over as chief executive officer.

Central Fidelity Banks Inc. of Richmond named Michael J. Underwood vice president of the Northern Virginia region. Underwood joined the company in 1977 as a loan department supervisor and cashier. Underwood currently holds the position of commercial lender for the bank's Northern Virginia region.

The board of directors of T. Rowe Price Associates Inc. elected Richard S. Swingle as president of the T. Rowe Price High Yield Fund to succeed George J. Collins, who was elected chairman of the board. David J. Breazzano was named executive vice president of the fund and Andrew M. Brooks will serve as vice president.

Margret Miller Welch, previously with Prudential-Bache Securities, joined the Washington financial planning firm Alexandra Armstrong Advisors Inc. as vice president.

The board of directors of the Federal National Mortgage Association named Richard M. Leegant senior vice president of mortgage administration. Leegant, formerly with the Student Loan Marketing Association, joined the corporation in 1984. He had served as vice president of the division.

Joseph M. Fitzgerald joined the The Secura Group of Washington as a financial consultant. Fitzgerald, formerly with the Office of the Comptroller of the Currency, had served as supervising examiner and policy analyst in the multinational banking division.

Michael H. Cox joined the Meritor Savings Bank in Arlington as vice president and consumer credit manager last week. Cox was vice president of the consumer credit division for Delaware Trust Co. in Wilmington, Del.

MANUFACTURING

McCormick & Co. Inc. named Thomas B. McCord vice president and treasurer for the Baltimore specialty foods and real estate company. McCord joined the company in 1971 and has served as its treasurer since March 1983.

Atlantic Research Corp. of Alexandria named Louis J. Pace vice president of sales for the teleproducts division. Pace joined the high-tech manufacturing company from General Datacomm Inc., where he was vice president.

Directors of Fairchild Industries Inc. elected Harvey L. Karp a director of the company. Karp, 59, is a private investor in New York. He was co-founder for the aerospace company Monogram Industries, which was acquired by Nortek Inc. in 1983. Karp had served as president from 1973 to 1983.

Chesapeake Corp., a manufacturing company in Richmond, promoted James E. Ashley Jr. to director of human resources for the Kraft products group. Ashley joined the company as a personnel assistant in 1966 and previously served as manager of the human resources division.

Patrick K. Brant was named district manager for the Washington metropolitan area operations of Dictaphone Corp, a subsidiary of Pitney Bowes Inc. Brant previously served as district manager for the company's Harrisburg, Pa., operations.

COMMUNICATIONS

Allen E. Carrier, formerly with Daniel J. Edelman Inc., joined the Washington public relations firm Henry J. Kaufman & Associates Inc. as vice president and account supervisor.

Michael J. Volpe, 34, left his position as director of public affairs for Gannett Co. Inc. to found Volpe Communications Inc., a public relations firm in Falls Church. Volpe also served as chief spokesman for the President's Task Force on Regulatory Relief, the Occupational Safety and Health Administration and the Office of the Secretary of Labor from 1981 to 1985.

Earle Palmer Brown Cos. hired William G. Barrett as executive vice president and director of communication services. Barrett left his position as vice president and director of media services at Dentsu/Young & Rubicam in New York.

Communications Consultants Corp. of Richmond promoted J. Dan Andrews to executive vice president. Andrews joined the company in 1978 as an associate consultant.

GOVERNMENT

Richard H. Fay, a partner with the law firm of Reed Smith Shaw & McClay, was appointed chairman of the employe benefit council at the Chamber of Commerce last week. Fay had served as legislative counsel to former Sen. Gaylord Nelson (D-Wis.), who had been chairman of the Senate Finance Committee's subcommittee on private pension plans.

NONPROFIT

John J. Lynch, M.D., director of the oncology department at Washington Hospital Center and clinical assistant professor at Georgetown University School of Medicine, was named president of the American Cancer Society, District of Columbia Division Inc. The appointment is effective Sept. 1. Lynch joined the society as a volunteer in 1965 and is an adviser to the community services committee and chairman of the committee on unproven methods of cancer treatment.

Peter Fahrney, chief of Suburban Hospital's Emergency Department in Bethesda, will chair the Emergency Medical Services Committee of the Medical and Chirurgical Faculty of Maryland. The committee examines emergency medical issues in Maryland.

PROFESSIONAL SERVICES

Ronald C. Jessamy, a partner with the law firm Jessamy, Fort and Ogletree, was named chairman of the board of directors at the Greater Southeast Community Hospital Foundation Inc. in the District. Jessamy practices health law.

Glenn B. Pendleton, formerly with Fairchild Industries, joined Sigma Associates as director of telecommunications. Sigma Associates is a local telecommunications consulting firm.

BBI Construction Management Inc. of Columbia appointed A. Lane Klaschus vice president of construction and Joyce K. Stevenson vice president of corporate finance. Both Klaschus and Stevenson were promoted from within the company.

David Epstein joined the Washington law firm Thompson, Hine and Flory as senior litigation partner. Epstein had worked in the federal and state courts as a trial lawyer for more than 25 years and served a four-year term as assistant U.S. attorney for the District.

Software AG of North America Inc., a software development and marketing firm in Reston, appointed Hillary Reilly executive director of information services. Reilly, formerly with the Federal Home Loan Mortgage Corp., was responsible for corporate information services for five years.

The directors of Booz, Allen & Hamilton Inc. elected Frank J. Carr vice president of the information technology center, where he will oversee combat information systems. Carr is a 20-year veteran of defense and information systems technology.