For immediate release: Dec. 19, 2013
Thomas I. Barkin, a director and the global chief financial officer of McKinsey & Company, has been appointed chair and Thomas A. Fanning, chairman, president and chief executive officer of Southern Company, has been appointed deputy chair of the Federal Reserve Bank of Atlanta's board of directors. Barkin and Fanning's one-year terms begin Jan. 1, 2014.
Barkin is a director and the global chief financial officer of McKinsey & Company in Atlanta. McKinsey & Co. is a global management consulting firm with 106 offices in 61 countries. Barkin is also a director of the Metro Atlanta Chamber of Commerce and treasurer of the Commerce Club of Atlanta. He received his bachelor's degree, juris doctorate and MBA from Harvard University.
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, international business development and technology.
Fanning serves as vice chairman of the Edison Electric Institute. He serves on the Georgia Tech College of Management advisory board and the board of trustees for the Georgia Tech Foundation, the Institute of Nuclear Power Operations board of directors and the World Nuclear Association of Nuclear Operators – Atlanta Centre governing board. He is a member of the Business Roundtable.
Fanning earned bachelor's and master's degrees in industrial management, and was also awarded an honorary doctor of philosophy degree, 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.
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.