CHICAGO- (January 10, 2020) — The Federal Reserve Bank of Chicago today announced the election of four Directors, appointment of a Director, appointment of the Board Chair and Deputy Chair, re-appointment of a Detroit Branch Director, appointment of a Detroit Branch Director, re-appointment of the Detroit Branch Chair, and the re-appointment of the Federal Advisory Council representative. All are effective January 1, 2020.

Dave Habiger, President and Chief Executive Officer, J.D. Power, office in Troy, Michigan, was elected as a Class B (non-banker) director to serve the remainder of an unexpired term. He was elected by Group 3 banks, which have a capital and surplus level of less than $16.6 million.

Linda Jojo, Executive Vice President, Technology & Chief Digital Officer, United Airlines, Inc., Chicago, Illinois, was elected as a Class B (non-banker) director to serve a three-year term. She was elected by Group 2 banks, which have a capital and surplus level of $16.6 million and over but less than $460 million.

Michael O’Grady, Chairman, President and Chief Executive Officer, Northern Trust, Chicago, Illinois, was elected as a Class A (banker) director to serve the remainder of an unexpired term. He was elected by Group 1 banks, which have a capital and surplus level of more than $460 million.

Susan Whitson, Chief Executive Officer, First National Bank and President, First of Waverly Corporation, Waverly, Iowa, was elected as a Class A (banker) director to serve a three-year term. She was elected by Group 3 banks, which have a capital and surplus level of less than $16.6 million.

Appointed Board Member

Dr. Helene D. Gayle, President and Chief Executive Officer, The Chicago Community Trust, Chicago, Illinois, was appointed by the Board of Governors of the Federal Reserve System to serve a three-year term as a Class C director.

Board Chair and Deputy Chair

E. Scott Santi, Chairman and Chief Executive Officer, Illinois Tool Works Inc., Glenview, Illinois, was designated Chair of the Board of Directors for 2020.

Wright L. Lassiter III, President and Chief Executive Officer, Henry Ford Health System, Detroit, Michigan, was designated Deputy Chair of the Board of Directors for 2020.

Re-appointed Detroit Branch Board Member

Linda P. Hubbard, President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a second three-year term.

New Detroit Branch Board Member

Linda P. Hubbard, President and Chief Operating Officer, Carhartt, Inc., Dearborn, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a second three-year term.

Detroit Branch Chair

Joseph B. Anderson, Jr., Chairman and Chief Executive Officer, TAG Holdings, LLC, Wixom, Michigan, was re-appointed to serve as chair of the Detroit Branch Board of Directors in 2020.

Federal Advisory Council Representative

Jeffrey J. Brown, Chief Executive Officer, Ally Financial Inc., Detroit, Michigan, was re-appointed by the Board of Directors of the Federal Reserve Bank of Chicago to serve a one-year term as the Federal Advisory Council (FAC) representative for the Seventh Federal Reserve District. In addition, Mr. Brown was selected by his FAC peers serve as vice president in 2020

The FAC meets quarterly to discuss business and financial conditions with the Federal Reserve Board of Governors in Washington, D.C. It is composed of one banker from each of the 12 Federal Reserve Districts.

Background about the Board of Directors 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. Seventh District 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.

Background about the Detroit Branch Board of Directors

The Board of Governors in Washington appoints three of the Detroit Branch directors, and the Federal Reserve Bank of Chicago Board of Directors appoints the four additional Detroit Branch directors. Members of the Chicago Board also approve the Detroit Branch board chair.

Federal Reserve Bank of Chicago Background

The Federal Reserve Bank of Chicago is one of 12 regional Reserve Banks that, along with the Board of Governors in Washington, D.C., make up 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.