NEW YORK—The Federal Reserve Bank of New York announced that Terry J. Lundgren, chairman and chief executive officer of Macy’s Inc., has been reelected by the Group 3 shareholders as a Class B director representing the interests of the public. Group 3 shareholders consist of member banks with capital and surplus of less than $30 million. Mr. Lundgren will serve a three-year term ending December 31, 2017.
He joined the New York Fed’s board of directors in August 2011.
Mr. Lundgren assumed his current titles at Macy’s Inc. in January 2004. Prior to this, he served as president and chief executive officer since February 2003 after having served as president and chief merchandising officer since May 1997. Macy's, Inc. is the parent company of Macy's and Bloomingdale's, and was previously known as Federated Department Stores, Inc.
Mr. Lundgren is an active supporter of The Terry J. Lundgren Center for Retailing at the University of Arizona. He serves on the boards of Carnegie Hall and United Way of New York City and participates in numerous other charitable and civic efforts. Mr. Lundgren currently serves as chairman of the American Society of Corporate Executives, as Co-chairman of the Partnership of New York City and as Vice-Chair of the Economic Club of New York. Mr. Lundgren has been appointed Commissioner on Women’s Economic Development by the Mayor of New York and is involved with the New York City Principal for a Day Program.
Mr. Lundgren is a graduate of the University of Arizona. He received an honorary Doctor of Law degree from the University of Arizona and was also awarded the honorary Doctor of Commercial Sciences degree from Suffolk University.
About the Reserve Banks’ Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their 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. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.