For immediate release: Jan. 6, 2009
Davis and Tomé Appointed Chairman and Deputy Chairman of Federal Reserve Bank of Atlanta Board of Directors
D. Scott Davis, chairman and chief executive officer of United Parcel Service (UPS), has been appointed chairman, and Carol B. Tomé, chief financial officer and executive vice president of corporate services of The Home Depot, has been appointed deputy chairman of the Federal Reserve Bank of Atlanta's board of directors. Davis and Tomé's one-year terms began Jan. 1, 2009.
Davis assumed the role of chairman and chief executive officer of UPS on Jan. 1, 2008. Prior to that position, he served as the company's vice chairman and chief financial officer, was a member of the UPS management committee, and acted as a liaison to the finance, investor and analyst communities. Davis joined UPS in 1986 when the company acquired the Oregon technology company II Morrow, where he served as chief financial officer and then chief executive officer. From 1998 to 2000, he served as chief executive officer of Overseas Partners Ltd., a Bermuda reinsurance company, and then rejoined UPS as vice president of finance. Davis served as chief financial officer and vice chairman from 2001 to 2007.
Davis is a member of the boards of directors of UPS and Honeywell International Inc. He received a bachelor of science degree in finance from Portland State University. He also completed an advanced management program at the University of Pennsylvania's Wharton School and is a certified public accountant.
Tomé joined The Home Depot in 1995 and has served as chief financial officer since 2001. She was named executive vice president of corporate services in 2007. She is responsible for leadership in real estate, store construction, financial services, business development and growth initiatives. Her corporate finance duties include financial reporting, financial planning and analysis, financial operations, divisional finance, internal audit, investor relations, treasury and tax. Before joining The Home Depot, she was vice president and treasurer of Riverwood International Corp. Tomé began her career as a commercial lender with United Bank of Denver (now Wells Fargo) and then spent several years as director of banking for the Johns-Manville Corp. She is a member of the UPS board of directors and serves as chair of the audit committee. She is an active volunteer, serving as chair of the advisory board for the Metropolitan Atlanta Arts Fund. She is also a member of The Committee of 200 and a member of the board of directors for the High Museum of Art and the Atlanta Botanical Gardens. A native of Jackson, Wyo., Tomé holds a bachelor's degree in communication from the University of Wyoming and an MBA in finance from the University of Denver.
Each of the nation's 12 Federal Reserve Banks has a nine-member board of directors. Three Class A directors represent national and state-chartered banks that are members of the Federal Reserve System. Three Class B directors are 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. Davis and Tomé are 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.