NEW YORK—The Federal Reserve Bank of New York today announced that Charles Phillips, former* chairman of Infor, Inc., has stepped down from its Board of Directors effective today.
Mr. Phillips joined the Board in 2017 as a Class B director. His three-year term was set to expire on December 31, 2020. Class B directors are elected by the member banks to represent the public and may not be affiliated with banks and related financial institutions. Mr. Phillips’ decision comes as he is considering other opportunities that could affect his eligibility to serve as a Class B director.
“It has been remarkable to closely watch the Federal Reserve Bank of New York quickly respond to the economic challenges of 2020, rapidly standup new facilities, execute under unusual circumstances, and provide critical support for markets and entire economy,” said Mr. Phillips. “It has been an honor for me to serve on the board of an institution dedicated to the understanding of and improvement in inequality issues among Americans.”
“I am grateful for Charles’ active contributions as a fellow board member,” said Denise Scott, executive vice president, Local Initiatives Support Corporation, and chair of the New York Fed Board.
“I want to thank Charles for his service to the Bank,” said John Williams, president and chief executive officer of the New York Fed. “I appreciate his thoughtful contributions and his valuable insights regarding technology, especially with regard to IT asset management and cloud solutions, which have benefitted the New York Fed.”
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.
*Updated October 19, 2020: Charles Phillips is the former chairman of Infor, Inc.