Glen Hutchins, the co-founder and co-CEO of investment firm Silver Lake, and Macy’s CEO Terry Lundgren have joined as Class B directors of the Federal Reserve Bank of New York. Hutchins also serves on the boards of SunGard Corp., the NASDAQ OMX Group and Mercury Payment Systems. Hutchins is taking over the remainder of Jeffrey Kindler’s term on the board, which expires at the end of 2012. Lundgren is taking over the remainder of Jeffrey Immelt’s term on the board, which expires this December.
The Federal Reserve Bank of New York announced that Glenn H. Hutchins, co-founder and co-chief executive of Silver Lake, has been appointed a Class B director of the New York Fed starting August 31 for the unexpired portion of a three-year term ending December 2012. He will serve the remainder of Jeffrey B. Kindler’s term on the board of directors. Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. has also been appointed a Class B director starting August 31 for the unexpired portion of a three-year term ending December 11, 2011. He will serve the remainder of Jeffrey R. Immelt’s term.
“The board of directors is a key link between the Bank and the region and Mr. Hutchins and Mr. Lundgren have expertise in two critical industries—retail and technology—that are major employers in our area. I look forward to benefiting from their unique insights into the economic conditions of the communities we serve,” said William Dudley, president and chief executive officer of the Federal Reserve Bank of New York.
Mr. Hutchins is a founder and co-chief executive of Silver Lake, one of the world’s largest private investment firms in the technology industry and technology-enabled businesses. He has spent his business career investing in the most rapidly growing and dynamic companies in the United States and around the world. Mr. Hutchins is chairman of the board of SunGard Corp. and a director of the NASDAQ OMX Group, Inc. and Mercury Payment Systems.
Mr. Hutchins is active in public and charitable service. He served President Clinton in both the transition and the White House as a Special Advisor on economic and healthcare policy and is vice chairman of the board of the Brookings Institution. He is also a director of the Harvard Management Company responsible for the management of Harvard University’s endowment. He is a chairman of the National Advisory Board of the W.E.B. Dubois Institute for African and African-American Research at Harvard and of the New York-Presbyterian Hospital. He is also a member of the Advisory Council of the Hamilton Project, a director of the Partnership for New York City, and a member of the Investors Advisory Committee on Financial Markets of the Federal Reserve Bank of New York.
Mr. Hutchins holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School.
Mr. Lundgren is chairman, president and chief executive officer of Macy’s, Inc., having assumed his titles in January 2004. He had served as president and chief executive officer since February 2003 after having served as president and chief merchandising officer since May 1997. Macy’s, Inc. is the parent company of Macy’s and Bloomingdale’s, and was previously known as Federated Department Stores, Inc.
Mr. Lundgren began his retailing career in 1975 as a trainee with Bullock’s, a Los Angeles-based division of Federated. He held positions of increasing responsibility over the next decade in buying, store management, human resources and senior-level store management, as well as serving as the division’s director of stores. Mr. Lundgren was named senior vice president and general merchandising manager of Bullock’s in 1984. In 1987, he was named president and chief executive officer of Bullocks Wilshire, then an upscale chain of specialty department stores owned by Federated.
Mr. Lundgren left Federated in 1988 to join Neiman Marcus, where he served as executive vice president and shortly thereafter was named chairman and chief executive officer. He returned to Federated in April 1994 as chairman and chief executive officer of the Federated Merchandising Group.
Mr. Lundgren is an active supporter of The Terry J. Lundgren Center for Retailing at the University of Arizona. He has been appointed Commissioner on Women’s Economic Development by the Mayor of New York. He currently serves on the boards of Carnegie Hall and United Way of New York City, and is co-chairman of The New York City Partnership. He is chairman of the board of directors of the National Retail Federation and chairman of the National Minority Supplier Development Council. Mr. Lundgren serves on the membership committee of the Economic Club of New York and is involved with the New York City Principal for a Day Program.
Mr. Lundgren is a graduate of the University of Arizona. He received an honorary Doctor of Law degree from the University of Arizona and was also awarded the honorary Doctor of Commercial Sciences degree from Suffolk University.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.