In Brief

The Federal Reserve Bank of Chicago announces two new members of its board of directors, two current members re-elected to the board, and the 2007 chairman and deputy chairman.

Last Updated: 12/01/06

News Release

Chicago Fed Announces New Directors

CHICAGO - The Federal Reserve Bank of Chicago announces two new members of its board of directors, two current members re-elected to the board, and the 2007 chairman and deputy chairman. All are effective January 1.


New Members

Dennis J. Kuester, Chairman and Chief Executive Officer, Marshall & Ilsley Corporation, Milwaukee, Wisconsin, was elected as a Class A (banker) director. Kuester was elected by the Group 1 banks, which have capital and surplus of more than $100 million. Kuester is replacing the Chairman and Chief Executive Officer of Northern Trust Corporation and The Northern Trust Company William Osborn, who will complete his service on the board at the end of 2006.


Ann D. Murtlow, President & Chief Executive Officer, Indianapolis Power & Light Company, Indianapolis, Indiana, and Vice President, AES Corporation, was elected as a Class B (non-banker) director. Murtlow was elected by the Group 2 banks, which have capital and surplus of between $5 million and $100 million. Murtlow is serving the remainder of the term of Mindy Meads, who left the board at the end of July. Meads is currently the CEO of Victoria's Secret Direct, and formerly the president and chief executive officer of Lands' End Inc.


Re-Elected Board Members


Mark T. Gaffney, President, Michigan State AFL-CIO, Lansing, Michigan, was re-elected as a Class B (non-banker) director. Gaffney was re-elected by the Group 1 banks, which have capital and surplus of more than $100 million.


Michael L. Kubacki, Chairman, President and Chief Executive Officer, Lake City Bank and Lakeland Financial Corporation, Warsaw, Indiana, was re-elected as a Class A (banker) director. Kubacki was re-elected by the Group 2 banks, which have capital and surplus of between $5 million and $100 million.


Chairman and Deputy Chairman


Miles D. White was re-designated Chairman of the Board for 2007. He also held that position in 2006. He is Chairman and Chief Executive Officer of Abbott. Prior to joining Abbott in 1984, White was a management consultant with McKinsey & Co.


John A. Canning, Jr. was re-designated Deputy Chairman of the Board for 2007. He also held that position in 2006. He is Chairman and Chief Executive Officer of Madison Dearborn Partners, LLC. (MDP). Prior to co-founding MDP in 1993, Canning spent 24 years at First Chicago Corporation in various roles.


Background about the Board of the Federal Reserve Bank of Chicago


Directors are selected to represent a cross-section of the Seventh District economy, including consumers, industry, agriculture, the service sector, labor, and commercial banks of various sizes. The Federal Reserve Bank of Chicago board has nine members. Commercial banks that are members of the Fed System elect three bankers and three non-bankers. The Federal Reserve Board of Governors appoints three additional non-bankers and designates the board's chair and deputy chair from among its three appointees. All Reserve Bank and Branch directors serve three-year terms with a two-term maximum.


Background about the Federal Reserve Bank of Chicago


The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., constitute the nation's central bank. The Chicago Reserve Bank serves the Seventh Federal Reserve District, which encompasses the northern portions of Illinois and Indiana, southern Wisconsin, the Lower Peninsula of Michigan, and the state of Iowa. In addition to participation in the formulation of monetary policy, each Reserve Bank supervises member banks and bank holding companies, provides financial services to depository institutions and the U.S. government, and monitors economic conditions in its District.