Fed promotes directors on district boards

The Federal Reserve on Monday named the chairs and deputy chairs that will sit on the board of directors at the 12 regional Federal Reserve banks next year.

The board of governors in Washington appointed three of the regional Fed's nine-member board of directors. Out of the three Class C members, the Fed designated one of its appointees as chair and a second as deputy chair.

The newly promoted members include Kirk Sykes, the president of investment fund Urban Strategy America and deputy chair of the board of directors at the Boston Federal Reserve, who will be promoted to chair. Sykes's deputy will be William Nordhaus, a professor at Yale University and currently a Class B director on the board. Class B directors are elected by member banks in the region to represent the public.

In Philadelphia, Jeremy Nowak, president of charity William Penn Foundation and deputy chair to the board of directors, was promoted to chair. James Nevels, chairman of financial advisers Swarthmore Group, was promoted to deputy chair.

Ward Klein, chief executive of battery manufacturer Energizer Holdings and deputy chair at the St Louis Federal Reserve, will also be promoted to chair of the board of directors. Sharon Fiehler, the executive vice-president at Peabody Energy, a coal company, will fill the vacant deputy chair role.

In Minneapolis, Mary Brainerd, the president of non-for profit organisation HealthPartners and deputy chair at the Minneapolis Fed board, will replace the current chair. This will make way for Randall Hogan, chairman and chief executive on Pentair, a water solutions company, to act as deputy chair.

Meanwhile, Barbara Mowry, the chief executive of business consultancy Gore Creek Advisors and chair of the Kansas City Fed's Denver branch board, will replace Lu Córdova, chief executive of manufacturer Corlund Industries, as deputy chair of the regional Fed's board.