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New York Fed names 2 new directors

AP 09/01/2011 08:34
New York Fed names 2 new directors - USA - New York - Business - Finance


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.


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