Boston Fed Announces 2025 Board of Directors Boston Fed Announces 2025 Board of Directors

Crandall of MassMutual designated chair, Kindler of Knitwell Group designated deputy chair Crandall of MassMutual designated chair, Kindler of Knitwell Group designated deputy chair

January 13, 2025

The Federal Reserve Bank of Boston today announced its 2025 Board of Directors, effective Jan. 1. Roger W. Crandall, chairman, president, and chief executive officer of Massachusetts Mutual Life Insurance Company (“MassMutual”), has been designated as board chair. Lizanne Kindler, executive chair and chief executive officer of KnitWell Group, has been designated as deputy chair.

Josephine Moran, president and chief executive officer of Ledyard Financial Group, Inc., has been elected to join the board as a Class A director. Dr. Sunil “Sunny” Eappen, president and chief executive officer of The University of Vermont Health Network, and Betty Francisco, chief executive officer of the Boston Impact Initiative, have been elected to join the board as Class B directors.

Robert F. Rivers, chair and chief executive of Eastern Bank, will remain the Boston Fed’s member of the Federal Reserve System’s Federal Advisory Council.

The Federal Reserve Act provides that Reserve Bank directors are divided into three classes: Class A, Class B, and Class C. Class A directors represent member banks in each district, Class B directors represent the public, and 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 for this group.

The members of the 2025 Board of Directors are:

  • Roger W. Crandall, chair and a Class C director, is the chairman, president, and chief executive officer of MassMutual. He served as deputy chair of the Boston Fed’s Board of Directors in 2023 and 2024. Crandall has been with MassMutual since 1988, serving as the chief investment officer from 2005 – 2008, adding the role of co-chief operating officer in 2007. He was named president in 2008, and became chairman, president and chief executive officer in 2010. He is a member of the Business Roundtable, and he serves on the Executive Committee for the American Council of Life Insurers, 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, and the University of Vermont Foundation Leadership Council. Crandall, a Chartered Financial Analyst (CFA), is a graduate of the University of Vermont with a bachelor’s in economics. He earned his MBA with honors from the Wharton School of Business at the University of Pennsylvania.
  • Lizanne Kindler, deputy chair and a Class C Director, is the executive chair and chief executive officer of KnitWell Group, a multi-brand specialty retail company comprised of the apparel brands Ann Taylor, Chico’s, Haven Well Within, Lane Bryant, LOFT, Soma, Talbots, and White House Black Market. This collection of brands generates $6 billion in sales on an annual basis, making KnitWell one of the largest specialty apparel companies in the United States. Kindler served four years as an expert-in-residence for Babson College’s Women Innovating Now Lab, an accelerator for female entrepreneurs. She was on the advisory board of the Whitman School of Management at Syracuse University for three years and is an Executive Trustee of the American Scandinavian Foundation. Kindler leads KnitWell Group’s efforts in the communities they serve through national partnerships with Dress for Success and the Breast Cancer Research Foundation. A native of Denmark, Kindler graduated from the Copenhagen Business School with a bachelor’s in economics.
  • Ronald P. 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. Before that, he was president and chief executive officer of State Street Global Advisors. O’Hanley 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, WBUR, and the Sustainable Markets Initiative. He recently finished his term as chair of the board of directors of the Greater Boston Chamber of Commerce. He also served on the Federal Reserve’s Federal Advisory Council. O’Hanley received a bachelor’s degree in political science from Syracuse University and an MBA from Harvard Business School.
  • Sushil K. Tuli, a Class A director, is chairman and chief executive officer of Leader Bank. He founded Leader Bank in 2002 and has grown the business with a particular focus on retail banking, residential mortgages, and commercial and small business lending. Tuli received a New England Choice Awards Lifetime Achievement Award in 2019. He currently serves on the board of directors for the Massachusetts Growth Capital Corporation and the board of trustees for the Dana-Farber Cancer Institute. Tuli also recently served on the board of directors for the Massachusetts Housing Finance Agency. He was a member of both the Massachusetts Home Ownership Advisory Committee and Fannie Mae’s Affordable Housing Advisory Council. Tuli received a master’s from Punjab University in India and graduated from the Harvard Business School’s Owner, President and Management Program. He was also recognized by Franklin Pierce University in 2018 with an honorary degree for his contributions to the banking industry.
  • Josephine Moran, a Class A director, is the president and chief executive officer of Ledyard Financial Group, Inc., headquartered in Hanover, New Hampshire. She has been a member of the board of governors at her alma mater, the University of New Haven, since 2019. She is also the founder and chair of the university’s Women’s Leadership Council, which focuses on providing mentorship, networking, and growth opportunities for female students. Moran is a member of New Hampshire Banker’s Legislative Committee, the Upper Valley Corporate Council, the Kendal Trust Committee, and the Vital Communities Housing Committee. She is a director of the Community Bankers’ Association of New Hampshire. Moran is also an advisory council member of the Women’s Business Alliance, and she was recently selected to represent New Hampshire as a member of the Government Relations Council of the American Banking Association. Moran has two masters’ from the University of New Haven and a bachelor’s from the Fashion Institute of Technology in New York.
  • Sunil “Sunny” Eappen, MD, a Class B director, is the president and chief executive officer of The University of Vermont Health Network. He oversees six hospitals, five community hospitals, the Home Health and Hospice resource, a pediatric hospital, and a Cancer Center covering a million patients in Vermont and Northern New York State. Eappen previously served as the interim president and the chief medical officer at Brigham and Women’s Hospital, and he was the chief of anesthesiology and chief medical officer at Mass Eye and Ear. Eappen is also a clinical professor of anesthesia at the University of Vermont Larner School of Medicine. He earned a bachelor’s in mathematics and computer science from the University of Illinois at Urbana-Champaign, an MD from the University of Chicago’s Pritzker School of Medicine, and an MBA from the Yale University School of Management.
  • Betty Francisco, a Class B director, is the chief executive officer of the Boston Impact Initiative, an impact investment fund that invests in diverse social enterprises and community-governed real estate. She oversees the initiative’s two funds, worth $15 million in assets, and its impact investing education programs for emerging fund managers. Before joining the initiative, Francisco was the general counsel at Compass Working Capital, where she oversaw the organization’s legal affairs, compliance, and risk management. Before that, she served as executive vice president and general counsel for Sports Club/LA and Reebok Sports Club/NY, a brand acquired by Equinox Fitness in 2014. Francisco began her legal career at Edwards Wildman (now Locke Lord) representing start-ups, corporations, and investors in financing transactions, mergers and acquisitions, corporate governance, and general corporate matters. She obtained her JD and MBA from Northeastern University, and she has a bachelor’s in history from Bard College.
  • Kimberly Sherman Stamler, a Class B director, is president of Related Beal – the Boston office of Related Companies – where she is responsible for the overall management of the firm. She leads the company in its pursuit of new development and opportunities, and in all its financing activities across New England. Sherman Stamler joined Related Companies in 1999 and was previously responsible for overseeing Related’s residential operating portfolio, including the retail within the portfolio. She serves on the boards of the Dana Farber Cancer Institute, A Better City, NAIOP Massachusetts, and the Greater Boston Chamber of Commerce. She sits on the Women’s Foundation of Boston Advisory Council and is a member of the Sam Zell and Robert Lurie Real Estate Center at The Wharton School of the University of Pennsylvania. She holds a bachelor’s from the University of Pennsylvania.
  • Corey Thomas, a Class C director, is the CEO of Rapid7, as well as the chairman of its board of directors. In 2023, Thomas was appointed to the National Security Telecommunications Advisory Committee and served as chair of the Federal Reserve Bank of Boston’s Board of Directors through 2024. Thomas is a member of the Council on Foreign Relations. He serves on the Blue Cross Blue Shield of Massachusetts Board of Directors, the LPL Financial Board of Directors, and the Vanderbilt University Board of Trust. He is an active angel investor to technology companies and serves as an advisor to organizations undergoing technology transformation. Thomas previously served on the U.S. Commerce Department's Digital Economy Board of Advisors. Prior to joining Rapid7, Thomas spent time at Parallels, Inc., Microsoft, Deloitte Consulting, and AT&T. He received a bachelor’s in electrical engineering and computer science from Vanderbilt University and an MBA from Harvard Business School.

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. He became president in 2007, chief operating officer in 2012, and an Eastern Bank director in 2017. Prior to working at Eastern Bank, Rivers was the executive vice president for retail banking at the former Commercial Federal Bank in Omaha, Nebraska. He also held a number of staff and leadership positions at M&T Bank in Buffalo, New York. 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 and the Massachusetts Business Roundtable. Rivers is 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.

See additional information about the structure of the Federal Reserve and Reserve Bank boards of directors.

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