THE UNIVERSITY OF TEXAS AT AUSTIN — Diane P. Wood ’75, Senior Judge of the United States Court of Appeals for the Seventh Circuit, has been named the new Director of The American Law Institute. The announcement was made yesterday by the ALI president David F. Levi. Judge Wood, who will be the first woman to lead the century-old organization when she assumes her new role on May 1, will succeed Richard L. Revesz.