For immediate release: Feb. 27, 2012
Thomas A. Fanning, chairman, president and chief executive officer of Southern Company, has been appointed to the Federal Reserve Bank of Atlanta's board of directors. Fanning is serving the remainder of an unexpired term that began Jan. 1, 2010, and runs through Dec. 31, 2012.
Fanning became president of Southern Company in August 2010 and assumed the additional responsibilities of CEO and chairman in December 2010. He has worked for Southern Company for more than 30 years and has held 15 different positions in eight different business units, including numerous officer positions with a variety of Southern Company subsidiaries in the areas of finance, strategy, operations, international business development and technology.
While CEO at Southern Company's Florida subsidiary Gulf Power, Fanning was active in the state arena. He worked closely with Governor Jeb Bush to develop state government policy, served on the governor's Transition Policy Team and in 2003 was appointed by Governor Bush to co-chair the Base Realignment and Closure Advisory Committee.
Fanning serves on the Georgia Tech College of Management Advisory Board and the Georgia Tech Foundation Board of Trustees. He is also a member of the Business Roundtable, a group of CEOs.
Fanning earned bachelor's and master's degrees in industrial management from the Georgia Institute of Technology. His executive education includes programs at the International Institute for Management Development in Lausanne, Switzerland, the Harvard University School of Business and the University of Virginia's Darden School of Business.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors are generally bankers and are elected by national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are also elected by these banks but represent commerce, industry, agriculture, labor and consumers. Three Class C directors represent the same broad array of public interests but are appointed by the Board of Governors in Washington, D.C. The Reserve Bank's chair and deputy chair must be Class C directors. Fanning is a Class C director.
The board of directors of the Federal Reserve Bank of Atlanta oversees the management of the bank's operations and recommends changes in the discount rate. Board members also contribute to the formulation of U.S. monetary policy through the economic information they provide the bank's president.