(Adds board member information.)
By Ben Kesling
CHICAGO--The Federal Reserve Bank of Chicago announced three new
members and the appointment of a new chair of its board of
directors in a press release Monday night.
Greg Brown, chairman and chief executive of Motorola Solutions
Inc. (MSI); Jorge Ramirez, president of the Chicago Federation of
Labor in Chicago; and William M. Farrow III, president and CEO of
Urban Partnership Bank in Chicago, were announced as new members to
the nine-person board. The appointments are effective Jan. 1.
Jeffrey A. Joerres, chairman and CEO of Manpower Inc. (MAN), was
designated as the chair of the board for 2013. He is currently the
deputy chair.
Banks from the Seventh District who are members of the Fed
system elect three bankers and three nonbankers to the Chicago Fed
board. These are known as Class A and Class B directors,
respectively. The Federal Reserve Board of Governors appoints three
additional nonbankers, known as Class C directors, and designates
the board's chair and deputy chair from those three appointees.
Mr. Brown was appointed to a three-year term and will be the
board's deputy chair in 2013.
Terry Mazany, president and CEO of the Chicago Community Trust
in Chicago, was re-elected to serve a second three-year term as
board member.
David W. Nelms, chairman and CEO of Discover Financial Services
(DFS), was reappointed to a one-year term on the Federal Advisory
Council by the Chicago Fed's board. The council meets quarterly
with the Federal Reserve Board of Governors in Washington to
discuss financial and banking conditions. It comprises 12 bankers,
one from each of the Federal Reserve districts.
Write to Ben Kesling at benjamin.kesling@dowjones.com