St. Louis Fed Announces Changes to Board of Directors
ST. LOUIS — The Federal Reserve Bank of St. Louis has announced the following changes to its board of directors, effective January 2025:
Carolyn Chism Hardy, president and CEO of Chism Hardy Investments LLC and Hardy Beverages in Bartlett, Tenn., has been redesignated board chair for 2025 by the Federal Reserve Board of Governors. She has served as a Class C director since 2020.
Lal Karsanbhai, president and CEO of Emerson Electric Co. in St. Louis, has been reappointed as a Class C director for a three-year term and redesignated deputy chair for 2025 by the Board of Governors. He has served as a Class C director since 2022.
Misty Borrowman, president and CEO of Bank of Hillsboro in Hillsboro, Ill., has been reelected as a Class A director for a three-year term. She has served as a Class A director since 2022.
Michael Ugwueke, president and CEO of Methodist Le Bonheur Healthcare in Memphis, Tenn., has been reelected as a Class B director for a three-year term. He has served as a Class B director since 2022.
Also serving on the board are:
R. Andrew Clyde, president and CEO of Murphy USA Inc. in El Dorado, Ark.; Gregory A. Heckman, CEO of Bunge Global SA in St. Louis; Mardie R. Herndon Jr., president and CEO of The Paducah Bank & Trust Co. in Paducah, Ky.; Penny Pennington, managing partner at Edward Jones in St. Louis; and C. Mitchell Waycaster, CEO and executive vice chairman of Renasant Bank in Tupelo, Miss.
The St. Louis Fed board of directors is composed of three classes of directors (A, B and C) with three members in each class:
- Class A: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the member financial institutions.
- Class B: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
- Class C: Appointed by the Board of Governors to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
More information about the St. Louis Fed's board of directors.
The St. Louis Fed is a corporation chartered under the Federal Reserve Act and is governed by a board of directors, whose nine members provide oversight of Bank management. Members of the board of directors of the St. Louis Fed and the boards of its three branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., are familiar with the economic and credit conditions of their respective regions. Their observations—along with the economic data and information gathered and analyzed by St. Louis Fed staff—help ensure that conditions of Main Street America are represented in Federal Open Market Committee deliberations in Washington, D.C. View information about our governance.
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