Federal Reserve NY Names 2 CEOs To Board

NEW YORK (AP) — The Federal Reserve Bank of New York on Thursday named the CEOs of Pfizer Inc. and Loews Corp. to serve out the remainder of two vacated seats on its board.

James Tisch, who heads Loews, will serve the remainder of the three-year term vacated by Richard Fuld, the former head of the now collapsed Lehman Brothers. The term expires Dec. 31, 2010.

Pfizer CEO Jeffrey Kindler will serve the remainder of the three-year term vacated by Indra Nooyi, CEO of Pepsico. Inc. The term expires at the end of this year.

Tisch and Kindler will act as Class B directors, the bank said.

The New York Fed's board consists of nine members. Three are appointed by the Board of Governors of the Federal Reserve System as Class C directors. The remaining six — three Class A and three Class B directors — are elected by member banks.

Class A directors are drawn from the banking community.

Class B and C directors are individuals chosen from outside the banking community and typically represent business, industry, agriculture, labor and consumers.

(This version CORRECTS year of term expiration for Tisch.)