SAN FRANCISCO – The Federal Reserve Bank of San Francisco has announced a new appointment to its Head Office Board of Directors, effective January 1, 2023.
Carl Chang, chief executive officer and founder of Kairos Investment Management Company, chair of the board of Envirokure, and chair of the board of Pieology Pizzeria in Rancho Santa Margarita, California, was elected by member banks in Group 1 to serve as a Class B Head Office director. Mr. Chang formerly served as chair of the Federal Reserve Bank of San Francisco’s Los Angeles Branch Board of Directors.
Also re-elected was Simone Lagomarsino, president and chief executive officer of Luther Burbank Savings and Luther Burbank Corporation in Santa Rosa, California. Ms. Lagomarsino was re-elected by member banks in Group 2 as a Class A director.
In addition, Tamara L. Lundgren, chairman, president, and chief executive officer, Schnitzer Steel Industries, Inc., Portland, Oregon was re-designated as Chair of the Board and Federal Reserve Agent, and also appointed as Chair of the Conference of Chairs for the Federal Reserve System; David P. White, former chief executive officer and chief negotiator, Screen Actors Guild (SAG-AFTRA), Los Angeles, and current venture partner, Ulu Ventures, Palo Alto, California was re-designated as Deputy Chair of the Board; and Mario Cordero, executive director of Port of Long Beach in Long Beach, California, was reappointed by the Board of Governors.
The remaining members of the San Francisco Head Office Board of Directors include:
- Greg Becker, president and chief executive officer, SVB Financial Group, and chief executive officer, Silicon Valley Bank, Santa Clara, California
- Randolph Compton, chairman of the board, president, and assistant secretary, PTB Corporation, and chairman of the board. Pioneer Trust Bank, N.A., Salem, Oregon
- Karen Lee, chief executive officer, Plymouth Housing, Seattle, Washington
- Arthur F. (Skip) Oppenheimer, chairman and chief executive officer, Oppenheimer Companies, Inc., and president, Oppenheimer Development Corporation, Boise, Idaho
About the Boards of Directors
The Federal Reserve Act of 1913 requires each of the 12 Reserve Banks to operate under the supervision of a board of directors. The Federal Reserve Bank of San Francisco’s Head Office is governed by nine directors who represent the interests of the 12th Reserve District and whose experience provides the Bank with a wider range of expertise that helps it fulfill its 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. In the case of the Federal Reserve Bank of San Francisco, its four branches in Los Angeles, Portland, Salt Lake City, and Seattle each have a separate seven-member branch board.
The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.