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Press Releases


For immediate release: April 5, 2004

SCOTT DAVIS APPOINTED TO THE
ATLANTA FED’S BOARD OF DIRECTORS

Scott Davis, chief financial officer of United Parcel Service, has been appointed to the Federal Reserve Bank of Atlanta’s board of directors. His term began March 1, 2004, and runs through Dec. 31, 2006.

Davis is a member of the UPS management committee and acts as a liaison to the finance, investor and analyst communities. He is responsible for all activities related to accounting, auditing, finance, financial planning, taxes and treasury.

Davis joined UPS in 1986 when the company acquired the Oregon technology company II Morrow, where he served as chief financial officer and 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 serves on the Finance Committee of the Georgia Council on Economic Education and recently completed a term on the Accounting and Finance Committee of the American Trucking Association.

Davis 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.

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 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.

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