Leadership and Membership Announcements for the Federal Reserve Bank of San Francisco's Board of Directors

SAN FRANCISCO--(BUSINESS WIRE)--

The Board of Governors of the Federal Reserve System designated Roy A. Vallee as chairman of the Federal Reserve Bank of San Francisco's board of directors, and Alexander R. Mehran as deputy chairman, effective January 1, 2015. Mr. Vallee was also reappointed as a Class C director for a three-year term, effective January 1, 2015.

Mr. Vallee is the retired chairman and CEO of Avnet, Inc., headquartered in Phoenix, Arizona. He joined Avnet in 1977 and in 1989 was appointed president of Hamilton/Avnet Computer. In 1990, he was named senior vice president and director of Worldwide Electronics Operations for Avnet. He most recently served as executive chairman of Avnet's Board from 2011 to 2012, and as chairman and CEO from 1998 to 2011. He is a member of the boards of directors of Teradyne, and Synopsys, Inc. Mr. Vallee was initially designated deputy chairman of the Board for the Federal Reserve Bank of San Francisco in January 2013, and previously served on the Bank's Economic Advisory Council from 2010 to 2012.

Mr. Mehran is chairman and CEO of Sunset Development Company, San Ramon, California. He is the former chairman of the board of directors of The Bay Area Council, and a current member of its executive committee. He is also a member of the Presidio Trust board of directors, and a member of the Chancellor's Associates of UCSF. Mr. Mehran graduated with honors from Harvard College, and holds a JD with honors from Cambridge University.

In addition, Richard A. Galanti, executive vice president and CFO of Costco Wholesale Corporation in Issaquah, Washington, and Megan F. Clubb, CEO and Chairman of the Board of Baker Boyer National Bank in Walla Walla, Washington, were reelected by member banks as Class B and Class A directors, respectively. They will serve three-year terms beginning January 1, 2015. Barry M. Meyer, founder and chairman, North Ten Mile Associates, Burbank, California was appointed by the Board of Governors as a Class C director for a remainder of three year term ending December 31, 2016.

Ms. Clubb is a veteran executive with over 20 years of experience in the banking industry. She earned a BS in economics from Whitman College, and an MS in management from the Sloan School of Management, MIT. In addition to her role at Baker Boyer National Bank, Ms. Clubb is on the board of trustees of the Whitman College and is its audit committee chairman.

Mr. Galanti has been with Costco Wholesale Corporation since 1984 and has held his current position since 1993. In addition, he has been a director since 1995. He earned a BS in economics from the Wharton School, University of Pennsylvania, and an MBA from Stanford University. Mr. Galanti is on the board of the Foster School of Business, University of Washington, the Seattle Academy of Arts and Sciences, and the Jewish Day School of Metropolitan Seattle.

Mr. Meyer is the founder and chairman of North Ten Mile Associates, a strategic consultancy firm specializing in entertainment industry clients and issues. He recently retired from Warner Bros. following a 43-year career at the Studio that included 14 years as its Chairman and CEO. An active leader in the entertainment industry, he often serves as an advisor on industry-wide production, labor and regulatory issues. Mr. Meyer is a member of the Board of Councilors of the USC School of Cinematic Arts. He serves on the advisory board of the Smithsonian National Museum of American History, and is a board member of interactive publisher Activision/Blizzard. Mr. Meyer holds a bachelor's degree from the University of Rochester, and a JD from Case Western Reserve University School of Law.

(To view photographs, please see: http://www.frbsf.org/our-district/press/news-releases/2014/leadership-membership-announcements-board-directors-2014/)

The balance of the Federal Reserve Bank of San Francisco Board includes:

Steven E. Bochner, partner, Wilson, Sonsini, Goodrich & Rosati, Professional Corporation, Palo Alto, California. Mr. Bochner is a class B director.

Steven R. Gardner, president and CEO of Pacific Premier Bank, Irvine, California. Mr. Gardner is a class A director.

Peter S. Ho, chairman, president and CEO of Bank of Hawaii and Bank of Hawaii Corporation, Honolulu, Hawaii. Mr. Ho is a class A director.

Nicole C. Taylor, president and CEO of Thrive Foundation for Youth, Menlo Park, California. Ms. Taylor is a class B director.

Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors, three of whom are appointed by the Board of Governors of the Federal Reserve System as class C directors. The remaining six (three class A and three class B directors) are elected by the District's member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. The board of directors of the Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank's president.

The Federal Reserve Bank of San Francisco, with branch offices in Los Angeles, Seattle, Salt Lake City, and Portland, and a cash processing office in Phoenix, provides wholesale banking services to financial institutions throughout the nine western states. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers certain consumer protection laws, and is fiscal agent for the U.S. government. Follow us on Twitter at twitter.com/sffedreserve.