Vallee Appointed to Reserve Bank Board

SAN FRANCISCO -- The Board of Governors of the Federal Reserve System designated Patricia E. Yarrington as chair of the Federal Reserve Bank of San Francisco's board of directors, and Roy A. Vallee as deputy chair, effective January 1, 2013. Mr. Vallee was also appointed to two years of a three year term by the Board of Governors ending December 31, 2014.

Ms. Yarrington is vice president and CFO of global energy company Chevron Corporation, headquartered in San Ramon, California. She joined Chevron in 1980 and has held progressively senior financial and analytical positions with the company, including treasurer and vice president of strategic planning.

Ms. Yarrington has been on the Federal Reserve Bank of San Francisco’s board of directors since January 2009 and served as deputy chair since 2011. She previously served on the Bank’s Economic Advisory Council from 2007 to 2008.

Mr. Vallee is the retired executive chairman and CEO of Avnet, Inc., headquartered in Phoenix, Arizona. He joined Avnet in 1977 as senior vice president and director of Worldwide Electronics Operations, and most recently served as executive chairman of the Board from 2011 to 2012; and as chairman and CEO from 1998 to 2011. He is a member of the boards of directors of Teradyne, and Synopsys, Inc. In addition, he is also a member of the Arizona Commerce Authority board of directors, and a member of its executive committee. Mr. Vallee previously served on the Bank’s Economic Advisory Council from 2010 to 2012.

Each of the nation’s 12 Federal Reserve Banks has a nine-member board of directors, three of whom 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 the District’s member banks. Class A directors are drawn from the banking community. Class B and C directors are individuals chosen from professions outside the banking community and typically represent business, industry, agriculture, labor and consumers. The board of directors of the Federal Reserve Bank of San Francisco contributes to the formulation of U.S. monetary policy through the industry and regional economic information they provide the bank’s president.