NEW YORK – The Federal Reserve Bank of New York today announced that Charles Phillips, chief executive officer of Infor, Inc., has been elected to serve as a Class B director. Mr. Phillips was elected by members of Group 3, a classification for banks with capital and surplus of less than $40 million, to represent the public. He will serve a three-year term ending December 31, 2020.
Infor is the third largest business applications software company in the world. Headquartered in New York City with 17,000 employees, the company provides cloud applications to transform industrial, retail, public sector, and healthcare organizations into digital enterprises. With over 70 million subscribers in the cloud, Infor was one of the earliest and largest software companies to exploit the public Amazon cloud platform and embed artificial intelligence in business applications.
Prior to his position at Infor, Mr. Phillips was president of Oracle Corporation and a member of its board of directors. Prior to Oracle, he was a managing director at Morgan Stanley in the Technology Group and served on its board of directors. He was an Institutional Investor All-Star for 10 consecutive years.
Before his career on Wall Street, Mr. Phillips served as captain in the United States Marine Corps in the 2nd Battalion, 10th Marines at Camp Lejeune in a line of three generations of military service.
He serves on the boards of Viacom Corporation, the Apollo Theater, Business Executives for National Security, and the New York City Police Foundation. He also served on President Barack Obama’s Economic Recovery Board led by Paul Volcker, and is a member of the Council on Foreign Relations.
Mr. Phillips holds a bachelor’s degree in computer science from the U.S. Air Force Academy, a J.D. from New York Law School, and a master’s of business administration from Hampton University. He is a member of the Georgia State Bar Association.
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.