Boston Fed Announces 2023 Board of Directors
Thomas of Rapid7 becomes chair and Crandall of MassMutual is designated deputy chair; O’Hanley of State Street and Hughes of Community College of Rhode Island join board
The Federal Reserve Bank of Boston today announced its 2023 Board of Directors, effective Jan. 1. Corey Thomas, chair and chief executive officer of Rapid7, has been appointed chair, and Roger Crandall, chairman, president, and chief executive officer of MassMutual has been appointed deputy chair. Lizanne Kindler, executive chair and chief executive officer of Talbots, has been appointed a Class C director.
Additionally, Ronald O’Hanley, chairman and chief executive officer of State Street, has been elected to join the board as a Class A director, and Meghan Hughes, Ph.D., president of Community College of Rhode Island, has been elected to join the board as a Class B director.
Robert F. Rivers, chair and chief executive officer of Eastern Bank, has been appointed 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 each district, three Class B directors represent the public, and three Class C directors represent the public 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 appoints Class C directors and designates the chair and deputy chair from this group.
The members of the 2023 board of directors are:
- Corey Thomas, chair and a Class C director, is chair and chief executive officer of Rapid7, a cybersecurity and analytics company based in Boston. He has extensive experience leading technology companies to the next stage of growth and innovation. Thomas previously served on the U.S. Commerce Department's Digital Economy Board of Advisors. Prior to joining Rapid7, Thomas was vice president of marketing at Parallels, Inc., and he served as group project manager of the Microsoft Server and Tools division, where he steered product planning for Microsoft’s data platform. Thomas was also a consultant at Deloitte Consulting. In 2021, Thomas became a member of the Council on Foreign Relations. He also serves on the Blue Cross Blue Shield of Massachusetts board of directors, LPL Financial board of directors, Vanderbilt University board of trust, and the Massachusetts Competitive Partnership. Thomas has been a member of the Boston Fed’s External Diversity Advisory Council since 2019 and served as deputy chair of the Board of Directors in 2021 and 2022.
- Roger W. Crandall, deputy chair and a Class C director, is chairman, president, and chief executive officer of Massachusetts Mutual Life Insurance Company (or MassMutual). Crandall has been with MassMutual since 1988, serving as chief investment officer from 2005 to 2010, co-chief operating officer from 2007 to 2010, and CEO since 2010. Crandall is involved in several civic, academic, and economic development organizations. He is a member of the Business Roundtable and also serves on the board of directors and executive committee for the American Council of Life Insurers, the Smithsonian National Board, the Governing Committee for CEO Action for Racial Equity, the Massachusetts Competitive Partnership, the board of governors for the Boston College Chief Executives Club, the One Waterfront CEO Roundtable, the Wharton Leadership Advisory Board, the University of Vermont Foundation Leadership Council, and the Lahey Hospital & Medical Center board of trustees.
- Ronald O’Hanley, a Class A director, is chairman and chief executive officer of State Street. O’Hanley was previously president and chief operating officer of State Street, and before that, president and chief executive officer of State Street Global Advisors. He joined State Street in 2015 from Fidelity Investments, where he was president of Asset Management and Corporate Services. He previously worked at BNY Mellon Asset Management and was a partner at McKinsey & Company. O’Hanley serves on the boards of Unum Corp., Beth Israel Lahey Health, ABL Space Systems, The Boston Foundation, The Ireland Funds, IYRS School of Technology and Trades, Syracuse University, and WBUR. He chairs the board of directors of the Greater Boston Chamber of Commerce and most recently served on the Federal Reserve’s Federal Advisory Council.
- Sushil K. Tuli, a Class A director, is chairman and chief executive officer of Leader Bank and the president, chairman and chief executive officer of its holding company, Leader Bancorp, Inc. Tuli has been a leader in the Massachusetts financial services sector for nearly 35 years. In May 2002, he founded Leader Bank, which has become a leading community bank in Massachusetts. Tuli served as chair of the Massachusetts Mortgage Bankers Association in 1999. He currently serves on the board of directors for the Massachusetts Growth Capital Corporation, the Greater Boston Chamber of Commerce, and the board of trustees for the Dana-Farber Cancer Institute.
- Jeanne A. Hulit, a Class A director, is president and chief executive officer of Maine Community Bank and its holding company, Maine Community Bancorp. Hulit has more than three decades of banking experience, and she also led a Maine-based manufacturer. Hulit has several years of public sector experience at the state and federal level. She joined Maine Community Bancorp after serving as president of Village Candle in Wells, Maine. Hulit has also served as president of Community Banking for Northeast Bank, senior vice president for commercial lending at Citizens Bank, and vice president of commercial lending at Key Bank. Hulit was President Obama’s acting administrator of the Small Business Administration in 2013. She currently serves on the board of directors of the Maine State Chamber of Commerce, the Maine Bankers Association, The Opportunity Alliance, and Maine Employers Mutual Insurance Company.
- Meghan Hughes, Ph.D., a Class B director, is the president of Community College of Rhode Island, the largest community college in New England. She is the fifth president since its founding in 1964. Hughes has 30 years of experience in higher education and the nonprofit sector. She was the executive director of the national nonprofit Year Up Providence. Prior to that, she taught art history at Tufts University and the Rhode Island School of Design. Hughes chairs the board of directors for the Greater Providence Chamber of Commerce, serves on the board of directors of the Rhode Island Foundation, and is a member of the Council of Competitiveness.
- Kimberly Sherman Stamler, a Class B director, is president of Related Beal, an 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 Dana-Farber Cancer Institute, the Rose Kennedy Greenway Conservancy, Habitat for Humanity Greater Boston, A Better City, the Greater Boston Chamber of Commerce, and the Boston Municipal Research Bureau. In addition, Sherman Stamler is a member of NAIOP Massachusetts – a commercial real estate development association – and the Sam Zell and Robert Lurie Real Estate Center at The Wharton School of the University of Pennsylvania.
- Lauren A. Smith, a Class B director, is the chief health equity and strategy officer for the CDC Foundation based in Atlanta. Previously, Smith was co-CEO of FSG, a mission-driven social impact consulting firm based in Boston, which provides strategy and evaluation support to foundations, businesses, and nonprofits to achieve equitable social change. Smith has more than 25 years of experience working at the intersection of the health care, public policy, and public health fields. She has published extensively in peer-reviewed literature on health equity and the implications of social policies on child and family well-being. Smith has also served on numerous national and state advisory committees that focus on public health and health care. Smith speaks regularly about strategic philanthropy and collective impact. Her prior leadership roles include serving as the medical director and interim commissioner for the Massachusetts Department of Public Health. She was also the national medical director of the Medical Legal Partnership for Children and the medical director of the pediatric inpatient service at Boston Medical Center, where she was on faculty in the Department of Pediatrics at Boston University School of Medicine. Her experience in federal and state government includes roles as a policy analyst in the Office of Inspector General for the U.S. Department of Health and Human Services and as a W.T. Grant Health Policy Fellow in the office of the Massachusetts Speaker of the House. Smith is active in civic organizations and is on the board of several nonprofits, as well as the board of Blue Cross Blue Shield of Massachusetts.
- Lizanne Kindler, a Class C director, is executive chair and chief executive officer of Talbots, an omnichannel retailer of women’s apparel, shoes, and accessories. She also serves as executive chair of Ascena, which collectively includes the retail brands of Ann Taylor, LOFT, and Lane Bryant. Kindler has extensive retail leadership experience and began her career at Ann Taylor Stores Corporation, where she spent 15 years in various leadership roles. She moved to Kohl’s and then Talbots, which has more than 7,000 employees and operates more than 500 retail stores across the United States. The Ascena brands have more than 20,000 associates and over 1,200 stores in the United States. Kindler is an executive trustee of the American-Scandinavian Foundation and a fourth-year Expert-in-Residence for Babson College’s Women Innovating Now Lab, an accelerator for female entrepreneurs. She is also a member of the advisory board of the Martin J. Whitman School of Management at Syracuse University.
Federal Advisory Council Representative
- Robert F. Rivers has been the chair and chief executive officer of Eastern Bank since 2017. He joined Eastern Bank in 2006 as its vice chair and chief banking officer, and he became president in 2007, chief operating officer in 2012, and an Eastern Bank director in 2017. Prior to Eastern Bank, Rivers was the executive vice president for retail banking at the former Commercial Federal Bank in Omaha, Neb., and he also held a number of staff and line leadership positions at M&T Bank in Buffalo, N.Y. Rivers currently serves as the board chair of the Dimock Center, a Boston-based health care and human services provider. He is a member of the executive committee of the Greater Boston Chamber of Commerce, a member of the Massachusetts Business Roundtable, and a trustee of Stonehill College. He also serves on the board of the Lowell Plan, the leadership council of the Lawrence Partnership, the board of advisors of the JFK Library Foundation, and the Boston Women’s Workforce Council.
Additional information about the structure of the Federal Reserve and Reserve Bank boards of directors is found here.