Press Release:
Boston Fed Announces 2011 Board of Directors

January 26, 2011
Contact: Thomas L. Lavelle, Vice President and Public Information Officer, 617-973-3647, or Joel Werkema, Assistant Vice President, 617-973-3510

The Federal Reserve Bank of Boston today announced the election of a new member to its Board of Directors, the reelection of a current member, and the appointment of the First District representative to the Federal Advisory Council.

New Member:
Richard E. Holbrook has been elected a Class A Director of the Federal Reserve Bank of Boston. Mr. Holbrook is Chairman and Chief Executive Officer of Eastern Bank Corporation and of Eastern Bank and its subsidiaries. Eastern is the largest mutually owned commercial banking company in New England. Mr. Holbrook serves on the executive committees of the Boston Chamber of Commerce and the Massachusetts Bankers Association. He is chairman of the board of trustees of the North Shore Medical Center and a trustee of Partners Community HealthCare, Inc.

Reelected Member:
John F. Fish has been reelected a Class B Director of the Bank. He is Chairman and Chief Executive Officer of Suffolk Construction Company, Inc., a privately held firm that provides preconstruction, construction management, design/build and general contracting services to healthcare, education, science/technology, government and commercial clients throughout the United States. Mr. Fish is founder and chairman of the Red and Blue Foundation, Suffolk Construction's non-profit initiative. He is a trustee of Beth Israel Deaconess Medical Center and serves on the executive committees of the Greater Boston Chamber of Commerce, Jobs for Mass, the Boston Plan for Excellence, and the Private Industry Council.

Federal Advisory Council Representative:
Joseph L. Hooley, Chairman, President and Chief Executive Officer of State Street Corporation, has been appointed by the Board of Directors to a 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.

The remainder of the Board of Directors includes:

Henri A. Termeer, Chairman and Class C Director. Mr. Termeer is Chairman, President, and Chief Executive Officer of Genzyme Corporation. He serves on the board of directors of the Pharmaceutical Research and Manufacturers of America, and of Abiomed Inc. He is chairman emeritus of the New England Healthcare Institute, a nonprofit, applied research health policy organization he was instrumental in founding. Mr. Termeer is also a member of the board of directors of Project HOPE, an international nonprofit health education and humanitarian assistance organization, and a board member of the MIT Corporation.

Kirk A. Sykes, Deputy Chairman and Class C Director. Mr. Sykes is President of the Urban Strategy America Fund, L.P. He is a Commissioner for the City of Boston's Civic Design Commission. He also serves as Vice Chairman of the Real Estate Executive Council; as Advisory Board Member of the Northeastern University School of Public Policy and Urban Affairs; and on the Board of the Suffolk University Law School Rappaport Center for Law and Public Service.

Catherine D'Amato, a Class C Director. Ms. D'Amato is President and Chief Executive Officer of The Greater Boston Food Bank, New England's largest nonprofit hunger-relief organization and food distribution business. Before coming to the Boston agency in 1995, she had been the chief executive at food banks in Western Massachusetts and San Francisco. Ms. D'Amato currently serves on the Board of Directors of the Boston Foundation, the Massachusetts Food Association, and Basic Health International. She was named Vice Chair of the Boston Foundation's board of directors in 2009.

David A. Lentini, a Class A Director. Mr. Lentini 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.

William D. Nordhaus, a Class B Director. Mr. Nordhaus is Sterling Professor of Economics at Yale University. Mr. Nordhaus has been on the Yale faculty since 1967. He also teaches in Yale's School of Forestry and Environmental Studies. He served on the President's Council of Economic Advisers from 1977 to 1979. Mr. Nordhaus is a member of the National Academy of Sciences and a fellow of the American Academy of Arts and Sciences.

Kathryn G. Underwood, a Class A Director. Ms. Underwood is President and Chief Executive Officer of Ledyard National Bank. She serves on the board of the New Hampshire Bankers Association and is Vice Chair of the Hanover Area Chamber of Commerce. Ms. Underwood previously served as KeyCorp's district president in Maine with responsibility for all retail and business banking in the state. She has also served as Chair of the Maine Bankers Association, the Maine State Chamber and the Maine United Way.

Michael T. Wedge, a Class B Director, has over 35 years of retail experience. He 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 and a member of the National Association of Corporate Directors.

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Media Contacts

Tom Lavelle
617 973-3647
Thomas.L.Lavelle@ bos.frb.org

Joel Werkema
617 973-3510
Joel.Werkema@bos.frb.org

Lucy Warsh
617 973-2989
Lucy.Warsh@bos.frb.org

 

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