Boston Fed Announces 2010 Board of Directors Boston Fed Announces 2010 Board of Directors

January 13, 2010
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 a new Chairman and Deputy Chairman, and the election of two new members to its Board of Directors.

Henri A. Termeer, a Class C Director, has been named Chairman of the Board of Directors. 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.

Kirk A. Sykes, a Class C Director, has been named Deputy Chairman. Mr. Sykes is President and Managing Director of Urban Strategy America Fund. He is a mayoral appointee to the Boston Civic Design Commission. Mr. Sykes also serves as 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.

Catherine D'Amato has been elected 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.

John F. Fish has been elected a Class B Director of the Bank. He is Chairman and Chief Executive Officer of Suffolk Construction Company, Inc., a privately held firm which provides preconstruction, construction management, design/build and general contracting services to healthcare, education, science/technology, government and commercial clients throughout the U.S. Mr. Fish is the Founder and Chairman of the Red and Blue Foundation, Suffolk's non-profit initiative. He also serves on boards and executive committees for Boston College, the Boys and Girls Clubs of Boston, Salvation Army, Catholic Schools Foundation, Tabor Academy and the Boston Symphony Orchestra. He is a trustee at Beth Israel Deaconess Medical Center and serves on the Executive Committee for the Greater Boston Chamber of Commerce, Jobs for Mass, the Boston Plan for Excellence and the Private Industry Council.

The remainder of the Board includes:

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.

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. Mr. Smith is also actively involved in various leadership roles for the United Way chapters in Webster's communities.

Kathryn G. Underwood, President and Chief Executive Officer of Ledyard National Bank, is a Class A Director. Ms. Underwood serves on 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. She has also served as Chair of the Maine Bankers Association, the Maine State Chamber and the Maine United Way.

Michael T. Wedge is 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 and a member of the National Association of Corporate Directors.

Ellen Alemany, Chief Executive Officer of Citizens Financial Group and RBS America, was reappointed 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 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.