For immediate release: Dec. 1, 2005
RATCLIFFE REAPPOINTED CHAIRMAN OF ATLANTA FED BOARD OF DIRECTORS; MARTIN NAMED DEPUTY CHAIRMAN; HUMANN TO JOIN BOARD
David M. Ratcliffe, chairman, president and chief executive officer of Southern Co., has been reappointed chairman of the Federal Reserve Bank of Atlanta’s board of directors. Larkin Martin, managing partner of Martin Farm and vice president of The Albemarle Corp. in Courtland, Ala., has been reappointed deputy chairman. Their one-year terms as chairman and deputy chairman begin Jan. 1, 2006. L. Phillip Humann, chairman and chief executive officer, SunTrust Banks Inc., has been elected to serve a three-year term as a member of the Atlanta Fed’s board of directors. Martin has also been reappointed to serve another three-year term as a member of the Bank’s board.
Ratcliffe became president of Southern Co., one of America’s largest producers of electricity, in April 2004 and assumed the additional responsibilities of chief executive officer and chairman that July. Previously, he had served as president and chief executive officer of Georgia Power Co. and executive vice president of Southern Co. since 1999. Ratcliffe joined Georgia Power Co. in 1971 as a biologist. Ratcliffe serves on the boards of directors of the Metro Atlanta Chamber of Commerce and the Georgia Chamber of Commerce. He is chairman of the board of trustees of the Georgia Research Alliance and an inactive member of the Georgia Bar Association. He also serves as a trustee of Atlanta’s Woodruff Arts Center. Ratcliffe was named to the Atlanta Fed’s board of directors in 2002.
Martin is the managing partner of Martin Farm and vice president of The Albemarle Corp., both family businesses with interests in agriculture and timberland, row crop farming and cotton ginning. Before taking on these responsibilities in 1990, Martin was an associate as a commercial real estate appraiser with GA/Partners–Arthur Andersen & Co. in Washington, D.C., and a confidential assistant in the Office of the Secretary at the U.S. Department of Treasury. She is a former member of the board of directors of the Birmingham Branch of the Federal Reserve Bank of Atlanta. She also serves on the boards of the Business Council of Alabama and Leadership Alabama and is a director and officer of the Cotton Board, the chairman of the Cotton Foundation and a delegate to the National Cotton Council.
Humann is chairman and chief executive officer of SunTrust Banks Inc. In 1969 he joined Trust Company of Georgia as a member of the commercial banking training program. He served in various management positions, becoming chairman and chief executive officer of Trust Company Bank, Atlanta in 1985. He became executive vice president of SunTrust Banks Inc. in 1989 and senior executive vice president of banking in 1990. He became president in 1991 and was elected to his current position in 1998. He serves as a member of the board of directors of Coca-Cola Enterprises Inc., Equifax Inc. and Haverty Furniture Companies Inc. He also serves on the board of Auburn University Foundation, Saint Joseph’s Health System and as a member of the board of trustees of Emory University.
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. Ratcliffe and Martin are Class C directors; Humann is a Class A 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.