Press Release
Jeffrey B. Kindler and James S. Tisch to Join New York Fed Board of Directors
October 1, 2009

New York—The Federal Reserve Bank of New York announced today that Jeffrey B. Kindler and James S. Tisch have been elected to the New York Fed’s board as Class B directors, filling the remaining two vacancies on the board.  Mr. Kindler, chairman and chief executive officer of Pfizer, was elected to serve the unexpired portion of a three-year term ending December 31, 2009.  Mr. Tisch, president and chief executive officer of Loews Corporation, was elected to serve the unexpired portion of a three-year term ending December 31, 2010.

Prior to his appointment as Pfizer’s CEO and chairman in 2006, Mr. Kindler was vice chairman and general counsel.  He joined Pfizer in 2002 as executive vice president and general counsel with responsibility for Pfizer’s legal division and was named vice chairman in 2005.

Mr. Kindler began his legal career as an attorney at the Federal Communications Commission.  He then served as law clerk to Judge David L. Bazelon of the U.S. Court of Appeals of the D.C. circuit and later served as law clerk to U.S. Supreme Court Justice William J. Brennan, Jr.

Mr. Kindler joined the law firm of Williams & Connolly, became a partner and then moved to General Electric as vice president of litigation and legal policy.  He then joined McDonald’s Corporation as executive vice president and general counsel, responsible for both legal and corporate affairs.  At McDonald’s, Mr. Kindler established a pro bono legal services program that has become a model for many corporations and law firms.

Mr. Kindler serves on the board of trustees of Tufts University and Ronald McDonald House Charities.  He is a board member of the Manhattan Theatre Club, Lincoln Center for the Performing Arts, and Catalyst.

Mr. Kindler received his bachelor’s degree from Tufts University and juris doctor from Harvard University, where he was an editor of the Harvard Law Review.

Mr. Tisch, a New York native, has been with Loews since 1977.  He has a long history of leadership in the areas of education, community service, and health care in the New York region.

Mr. Tisch is also chairman of the board of directors of Diamond Offshore Drilling, Inc., and a director of CNA Financial Corporation, subsidiaries of Loews Corporation.  He also serves as chairman of the board of WNET.ORG, parent of WNET Channel 13 and WLIW Channel 21, and is a member of the board of directors of The New York Public Library.  He is a member of the Council on Foreign Relations and a trustee of the Mount Sinai Medical Center.  Mr. Tisch also serves on the Executive Committee of the Partnership for New York City, and is a member of the Board of Overseers of the Wharton School at the University of Pennsylvania.  He is also a board member and past president of Federation Employment and Guidance Service.

Mr. Tisch received his bachelor’s degree in economics from Cornell University and a Master of Business Administration degree from the Wharton Graduate School of the University of Pennsylvania.

The New York Fed’s board of directors consists of nine members, 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 member banks in the Second Federal Reserve District.  Class A directors are drawn from the banking community.  Class B & C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers.

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