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December 18, 2007
| Contacts: |
Steven Fisher
Federal Reserve Bank of San Francisco |
(206) 343-3747 |
William S. Ayer and Richard A. Galanti Appointed to
Seattle Branch Federal Reserve Board
Seattle, WA – December 18, 2007 – The Board of Governors of the Federal Reserve System has appointed William S. Ayer, chairman, president and chief executive officer of Seattle-based Alaska Air Group, to the Federal Reserve Bank of San Francisco’s Seattle Branch board of directors. In addition, the Federal Reserve Bank of San Francisco has appointed Richard A. Galanti, executive vice president, chief financial officer and director of Issaquah-based Costco Wholesale Corp., to the Seattle Branch board of directors. Both appointments are for three-year terms beginning January 1, 2008.
Alaska Air Group (NYSE: ALK) is the parent company of Seattle-based Alaska Airlines, the ninth-largest U.S. carrier, as well as regional carrier Horizon Air. Together, Alaska and Horizon serve 92 cities in Alaska, the Lower 48, Hawaii, Canada and Mexico.
Mr. Ayer has been the chairman, president and chief executive of Alaska Air Group since 2003. He has been president and chief executive of Alaska Airlines since 2002. Prior to his current role, Mr. Ayer held a variety of positions at Alaska Airlines and Horizon Air, beginning in 1982.
Mr. Ayer serves on the board of directors for Puget Energy and the Alaska Airlines Foundation. He also is a University of Washington Business School advisory board member. In addition, Mr. Ayer is a board member for the Museum of Flight and Angel Flight.
Costco Wholesale Corp., (NASDAQ: COST) is the largest membership warehouse club operator with operations in the United States, Canada, the United Kingdom, Korea, Taiwan, Japan, and Mexico. Costco focuses on a low-price, low-cost strategy, with its warehouses offering very low prices on a limited selection of nationally-branded and private label merchandise and services. With more than 53.7 million members worldwide, Costco currently operates 529 warehouse clubs, generating $64.4 billion in revenue and $1.1 billion in earnings, in its most recent fiscal year.
Mr. Galanti has been a director of Costco since January 1995 and executive vice president and chief financial officer since October 1993. Prior to his current role he was senior vice president, chief financial officer and treasurer of the company from 1985 to 1993. He joined Costco in 1984 as vice president of finance.
Mr. Galanti is on the Board of The Jewish Day School of Metropolitan Seattle. He is also on the advisory boards of the following: University of Pennsylvania’s Wharton School – Jay H. Baker Retailing Initiative; Big Brothers Big Sisters of Puget Sound; Diamond Castle Holdings, LLC; and Centre Partners.
Mr. Ayer succeeds outgoing Seattle Branch director Mic Dinsmore (chairman), president, Infrastructure Investment Division, Stark Investments. Mr. Galanti’s appointment fills a vacant position. Current director, Helvi Sandvik, president of Anchorage-based NANA Development Corp., will succeed Mr. Dinsmore as chair.
Other members of the Seattle Branch board include James R. Gill, Pacific Northwest Title; Kenneth M. Kirkpatrick, U.S. Bank; Carol K. Nelson, Cascade Financial Corporation; and H. Stewart Parker, Targeted Genetics Corporation.
The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.
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