New York Fed names 2 new directors

AP News
Posted: Sep 01, 2011 6:06 PM
New York Fed names 2 new directors

The Federal Reserve Bank of New York said Thursday that two business leaders will join its board of directors to replace outgoing members.

The bank said Glenn Hutchins, 55, co-chief executive of the Silver Lake private equity firm, will replace Jeffrey Kindler. That term will run until December of next year. Kindler was CEO of drugmaker Pfizer Inc. until the company's board ousted him under pressure from investors in December.

Macy's Inc. CEO Terry Lundgren, 59, will serve the rest of the term vacated by General Electric Co. CEO Jeffrey Immelt, who in January became chairman of President Barack Obama's jobs and competitiveness council. The term ends in December.

Both directors are "Class B," meaning they were elected by the Fed's member banks to represent the public on the board. Other classes of directors are elected to represent the interests of banks. The two board seats have been empty for months. Immelt left the Fed board in March, while Kindler left the board in December.

Bank President and CEO William Dudley said Lundgren and Hutchins bring important knowledge about retail and technology. Hutchins sits on the board of software company SunGard Corp. and is a director of the technology-heavy trading exchange, NASDAQ OMX Group Inc.

Lundgren has been in the retail business since 1975 and became Macy's CEO in 2004.