Richard K. Smucker, chief executive officer of J.M. Smucker Co. of Orrville, has been appointed chairman of the board of directors of the Federal Reserve Bank of Cleveland for 2013.
Smucker has been on the Cleveland board since 2010 and has served as deputy chairman since his appointment.
The Federal Reserve Bank of Cleveland is one of 12 regional Fed banks along with a Board of Governors in Washington, D.C. The president of the Cleveland Fed since 2003 has been Akron native Sandra Pianalto, who serves on the powerful Federal Open Market Committee. That body decides national monetary policy. The committee sets the Federal Funds rate, the rate at which banks borrow from each other.
Because banks in turn pass along their interest costs to businesses and the public, Fed decisions affect saving and borrowing activity nationwide. Pianalto is a member of the committee, but is a voting member every other year. This year, she is not a voting member.
In turn, each reserve bank has a nine-member board of directors. The board of governors in Washington appoints three of these directors and each year designates one of its appointees as chair and a second as deputy chair. The other six board members are elected by member banks.
Smucker said he was honored to be appointed chairman.
Other appointments or elections to the Cleveland board include Christopher M. Connor, chairman and CEO of Sherwin-Williams Co., as deputy chairman; Claude E. Davis, president and CEO of First Financial Bancorp, as a director; John P. Surma, chairman and CEO of United States Steel Corp., as director; and the re-appointment as director of Susan Tomasky, energy consultant and former president of AEP Transmission.
Also on the board are Tilmon F. “Tim” Brown, president and CEO of New Horizons Baking Co.; Harold “Hal” Keller, president of Ohio Capital Corp. for Housing; Paul G. Greig, chairman, president and CEO of Akron-based FirstMerit Bank; and Todd Mason, president and CEO of First National Bank of Pandora.