The Federal Reserve Bank of Boston today announced the election of one new member to its board of directors, the re-election of a current member, and the reappointment of the Federal Advisory Council representative for District One of the Federal Reserve System. All are effective as of January 1, 2009.
Kathryn G. Underwood, President and Chief Executive Officer of Ledyard National Bank, was newly elected as a Class A Director. Ms. Underwood is a member of the board of the New Hampshire Bankers Association and is Vice Chair of the Hanover Area Chamber of Commerce. She previously served as KeyCorp’s district president in Maine with responsibility for all retail and business banking in the state.
Michael T. Wedge was re-elected as a Class B Director. Mr. Wedge, with over 35 years of retail experience, is the former President and Chief Executive Officer of BJ’s Wholesale Club. He serves on the boards of the Greater Boston Chamber of Commerce, the Massachusetts Business Roundtable, and the Commercial Club/Merchants Club of Boston.
Ellen Alemany, Chief Executive Officer of Citizens Financial Group and RBS America, was reappointed to serve a second one-year term as the Federal Advisory Council (FAC) representative for the First Federal Reserve District. The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts. The First Federal Reserve District comprises all of New England except Fairfield County, Connecticut.
In addition to Ms. Underwood and Mr. Wedge, the 2009 board of directors of the Federal Reserve Bank of Boston includes the following members:
Dr. Lisa M. Lynch is Chair of the Board of Directors and a Class C Director. She is Dean of the Heller School for Social Policy and Management at Brandeis University. Dr. Lynch is a member of the Executive Board of the Labor and Employment Relations Association, and a Research Associate at the National Bureau of Economic Research, the Economic Policy Institute, and IZA in Bonn, Germany.
Henri A. Termeer is Deputy Chair of the Board of Directors and a Class C Director. He is Chairman, President, and Chief Executive Officer of Genzyme Corporation. Mr. Termeer is a member of the board of directors of Project HOPE, an international nonprofit health education and humanitarian assistance organization, and also serves on the board of the MIT Corporation.
Robert K. Kraft, a Class B Director, is founder and Chairman of the Kraft Group of Companies, with interests in paper and packaging; sports and entertainment; and venture investing. Mr. Kraft serves on the Executive Committee of the Dana-Farber Cancer Institute and on the boards of Boston College and the Boston Symphony Orchestra.
David A. Lentini, a Class A Director, is Chairman, President and Chief Executive Officer of Connecticut Bank and Trust Company. Mr. Lentini serves as a director of the St. Francis Hospital and Medical Center and is trustee and treasurer of the St. Francis Foundation.
Stuart H. Reese, a Class B Director, is Chairman and Chief Executive Officer of MassMutual Life Insurance Company. Mr. Reese currently serves on the boards of the American Council of Life Insurers and the Economic Development Council of Western Massachusetts.
James C. Smith, a Class A Director, is Chairman and Chief Executive Officer of Webster Bank. He serves as a member of the executive committee of the Connecticut Bankers Association and is a director of St. Mary’s Hospital in Waterbury, Connecticut.
Kirk A. Sykes, a Class C Director, is President and Managing Director of Urban Strategy America Fund. He is a mayoral appointee to the Boston Civic Design Commission. Mr. Sykes is a member of the Urban Land Institute, the American Institute of Architects, and Boston Society of Architects, and the National Council of Architectural Registration of Black Architects.
The Federal Reserve Act requires that each Reserve Bank have nine directors. Three Class A directors represent member banks in the district; three Class B directors and three Class C directors are selected with due consideration to the interests of agriculture, commerce, industry, services, labor, and consumers. Member banks elect Class A and Class B directors. The Board of Governors of the Federal Reserve System in Washington, D.C. appoints Class C directors, and from this group designates the Chair and Deputy Chair.