Glenn H. Hutchins, co-founder and co-CEO of private equity firm Silver Lake, was named to the board of directors of the Federal Reserve Bank of New York, the bank announced Thursday
Silver Lake has $14 billion in assets under management in technology and technology-enabled businesses.
Mr. Hutchins and Terry Lundgren, chairman, president and CEO of Macy's, fill the two Class B directors' seats that had been vacant this year. Mr. Hutchins' term ends December 2012, while Mr. Lundgren's term ends in December. The third Class B director, James S. Tisch, president and CEO of Loews Corp., will serve until 2013.
Each Federal Reserve Bank has nine directors in three classes, with Class A representing member banks, and Class B and Class C representing outside interests.
“The board of directors is a key link between the bank and the region, and Mr. Hutchins and Mr. Lundgren have expertise in two critical industries — retail and technology — that are major employers in our area. I look forward to benefiting from their unique insights into the economic conditions of the communities we serve,” William Dudley, president and CEO of the Federal Reserve Bank of New York, said a news release.
Mr. Hutchins was already a member of the Federal Reserve Bank of New York's Investors Advisory Committee on Financial Markets. He is chairman of the board of SunGard Corp. and a director of the Nasdaq OMX Group and the Harvard Management Co., which handles Cambridge, Mass.-based Harvard University's $27.6 billion endowment.