Boston Fed Announces 2019 Board of Directors
Roger Crandall of MassMutual, Kimberly Sherman Stamler of Related Beal, and Bruce Van Saun of Citizens Bank join Bank’s board; Chandler Howard of Liberty Bank reelected to board; John Ciulla of Webster Bank to serve as Federal Advisory Council representative; and Phillip Clay to serve as chair and Christina Hull Paxson to serve as deputy chair in 2019
The Federal Reserve Bank of Boston today announced its 2019 Board of Directors, effective Jan. 1, 2019. Roger W. Crandall, chairman, president and chief executive officer of Massachusetts Mutual Life Insurance Company, Kimberly Sherman Stamler, president of Related Beal, LLC, and Bruce Van Saun, chairman and chief executive officer of Citizens Financial Group, Inc., are the newest members of the Bank’s board of directors.
Phillip L. Clay, Ph.D., professor emeritus of city planning at the Massachusetts Institute of Technology, and Christina Hull Paxson, Ph.D., president of Brown University, will serve as chair and deputy chair, respectively, in 2019. Current board member Chandler J. Howard, president and chief executive officer of Liberty Bank, was reelected to serve a three-year term.
John R. Ciulla, president and chief executive officer of Webster Financial Corporation, will serve as the Boston Fed’s member of the Federal Reserve System’s Federal Advisory Council.
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.
The members of the 2019 board of directors are:
- Phillip L. Clay, Ph.D., Chair and Class C Director, served as chancellor of the Massachusetts Institute of Technology (MIT) from 2001 to 2011 and held other leadership positions there, including head of the department of urban studies and planning. He is professor emeritus of city planning at MIT. Clay is known for his work in U.S. housing policy and community-based organizational development. He serves on the board of trustees of the Kresge Foundation, and is the former chair of the board of The Community Builders, Inc. Clay is also a member of the board of trustees of The Aga Khan University and a board member of the Nonprofit Finance Fund.
- Christina Hull Paxson, Ph.D., Deputy Chair and Class C Director, is president of Brown University and Professor of Economics and Public Policy. Prior to her appointment as president in 2012, she was dean of the Woodrow Wilson School of International and Public Affairs and the Hughes Rogers Professor of Economics and Public Affairs at Princeton University. While at Princeton, Paxson also served as chair of the Department of Economics, was the founding director of a National Institute on Aging Center for the Economics and Demography of Aging, and was a founder of the Center for Health and Wellbeing. She served as vice president of the American Economic Association in 2012, and is a member of the Council on Foreign Relations.
- Chandler J. Howard, a Class A Director, is president and chief executive officer of Liberty Bank, a Connecticut-based financial institution serving more than 200,000 consumers and businesses through 55 retail banking locations. Howard has held this position since joining Liberty Bank in 2007. He previously held various positions of increasing responsibility for People’s United Bank, Bank of America, and Fleet Bank, among others, in his more than 35-year career. Howard serves on a number of boards and advisory councils, including the boards of Middlesex Hospital, the Middlesex Chamber of Commerce, the Connecticut Bankers Association, the Connecticut Business Industry Association, the Greater Hartford Community Foundation, the Goodspeed Opera House, the American Bankers Association, and the FDIC Community Bankers Advisory Council. He is a former member of the Boston Fed’s Community Depository Institutions Advisory Council.
- Michael E. Tucker, Esq., a Class A Director, is president and chief executive officer of Greenfield Cooperative Bank and its parent company, Greenfield Bancorp MHC, a position he has held since 2003. A lawyer by training, Tucker began his career at the Springfield Institution for Savings, where he later served as senior vice president and general counsel. Tucker also was senior vice president and senior operating officer at Easthampton Savings Bank. He has held a number of positions on committees of the board of the Massachusetts Bankers Association, including state chairman from 2013 to 2014. He is currently an at-large member of the Franklin County Chamber of Commerce board of directors and a trustee of The Horace Smith Scholarship Fund.
- Bruce Van Saun, a Class A Director, is chairman and chief executive officer of Citizens Financial Group, Inc. Van Saun joined Citizens Financial Group in 2013 and has more than 30 years of financial services experience. He joined Citizens after serving as Royal Bank of Scotland (RBS) finance director and as an executive director on the RBS Board from 2009 to 2013. Van Saun has served as a director on a number of boards and as a member of advisory councils, including as a member of the Federal Advisory Council, a director at Moody’s Corporation (New York), a member of The Clearing House Supervisory Board, a board member of the National Constitution Center, a member of the Partnership for Rhode Island, and a member of Jobs for Massachusetts.
- Roger W. Crandall, a Class B Director, is chairman, president and chief executive officer of Massachusetts Mutual Life Insurance Company (MassMutual). Crandall has been with MassMutual since 1988, serving as chief investment officer from 2005–2010, co-chief operating officer from 2007–2010, and CEO since 2010. Crandall is actively involved in civil, academic, and economic development organizations, serving as a member of the Business Roundtable, the Smithsonian National Board, the American Council of Life Insurers Executive Committee, the Massachusetts Competitive Partnership, the Wharton Leadership Advisory Board, and the Lahey Hospital & Medical Center board of trustees.
- Niraj Shah, a Class B Director, is chief executive officer, co-chairman and co-founder of Wayfair, a leading U.S. home goods online retailer. Wayfair is headquartered in Boston with operations throughout North America and Europe and employs more than 10,000. Before Wayfair, Shah was chief executive officer and co-founder of Simplify Mobile and Spinners and was also an Entrepreneur-in-Residence at Greylock Partners. He has been included in Fortune Magazine’s “40 Under 40,” and has won the Ernst and Young’s Entrepreneur of the Year award. Shah is also on the board of the Greater Boston Chamber of Commerce and the Massachusetts Competitive Partnership (MACP).
- Kimberly Sherman Stamler, a Class B Director, is president of Related Beal, a fully integrated real estate firm focused on Boston and the surrounding region. Sherman Stamler joined Related Companies in 1999 and has experience in a variety of sectors within the real estate industry, including acquisitions, financing, development, leasing, marketing, operations and sales across all asset classes. She sits on the boards of the Rose Kennedy Greenway Conservancy, Habitat for Humanity Greater Boston, A Better City, and the Boston Municipal Research Bureau. She is a member of the Nontraditional Employment for Women Real Estate Council, the Greater Boston Chamber of Commerce’s Regional Real Estate Development Leadership Council, and the Sam Zell and Robert Lurie Real Estate Center at The Wharton School of the University of Pennsylvania.
- Kathleen “Kate” E. Walsh, a Class C Director, is the president and chief executive officer of Boston Medical Center. Prior to her appointment at Boston Medical Center in 2010, Walsh was the executive vice president and chief operating officer of Brigham and Women’s Hospital for five years. She served previously as the chief operating officer for Novartis Institutes for Biomedical Research. She serves on several boards of directors, including the Pine Street Inn, the AAMC Council of Teaching Hospitals, the Boston Public Health Commission, the Yale Corporation Committee on the School of Medicine and is an alumni fellow, the Greater Boston YMCA Board of Overseers, and the Massachusetts Hospital Association.
Federal Advisory Council Representative
- John R. Ciulla, president and chief executive officer of Webster Financial Corporation and Webster Bank, serves as the Federal Advisory Council (FAC) representative for the First Federal Reserve District. The FAC, which consists of one banker from each of the 12 Federal Reserve Districts, meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C.
Ciulla joined Webster in 2004 as senior vice president for Middle Market Banking and has held several executive management positions with increasing responsibility, including chief credit risk officer from 2008 to 2010. He was promoted to executive vice president and head of Middle Market Banking in 2011, to head of Commercial Banking in 2014, and to president in 2015. Prior to joining Webster, Ciulla was with The Bank of New York, most recently as managing director. He practiced law in New York as an associate with McDermott Will & Emery and Hughes Hubbard & Reed. Ciulla serves on the board of the Connecticut Business and Industry Association (CBIA) and is the former chairman. He is also a member of the board of the Business Council of Fairfield County.
Additional information about the structure of the Federal Reserve and Reserve Bank boards of directors may be found here.