St. Louis Fed Announces Changes to Board of Directors

ST. LOUIS — The Federal Reserve Bank of St. Louis has announced the following changes to its board of directors, effective Jan. 1:

James M. McKelvey Jr., founder and CEO of Invisibly Inc. in St. Louis, has been designated board chair for 2022 by the Federal Reserve Board of Governors. McKelvey has served as a Class C director since 2017.

Carolyn Chism Hardy, president and CEO of Chism Hardy Investments LLC in Bartlett, Tenn., has been designated deputy chair for 2022 by the Board of Governors. Chism Hardy has served as a Class C director since 2020.

Misty Borrowman, president and CEO of Bank of Hillsboro in Hillsboro, Ill., has been elected for a three-year term as a Class A director.

Lal Karsanbhai, president and CEO of Emerson Electric Co. in St. Louis, has been appointed by the Board of Governors to a three-year term as a Class C director.

Michael Ugwueke, president and CEO of Methodist Le Bonheur Healthcare in Memphis, Tenn., has been elected for a three-year term as a Class B director.

Also serving on the board are:

R. Andrew Clyde, president and CEO of Murphy USA Inc. in El Dorado, Ark.; Elizabeth G. McCoy, CEO of Planters Bank Inc. in Hopkinsville, Ky.; Penny Pennington, managing partner at Edward Jones in St. Louis; and C. Mitchell Waycaster, president and CEO of Renasant Bank in Tupelo, Miss.

The St. Louis Fed board of directors is composed of three classes of directors (A, B and C) with three members in each class:

• Class A: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the member financial institutions.
• Class B: Elected by member financial institutions in the St. Louis Fed’s Eighth District to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.
• Class C: Appointed by the Board of Governors to represent the public with consideration to the interests of agriculture, commerce, industry, services, labor and consumers.

For more information about the St. Louis Fed’s board of directors, see stlouisfed.org/about-us/leadership-governance/board-of-directors.

The St. Louis Fed is a corporation chartered under the Federal Reserve Act and is governed by a board of directors, whose nine members provide oversight of Bank management. Members of the board of directors of the St. Louis Fed and the boards of its three branches in Little Rock, Ark., Louisville, Ky., and Memphis, Tenn., are familiar with the economic and credit conditions of their respective regions. Their observations—along with the economic data and information gathered and analyzed by St. Louis Fed staff—help ensure that conditions of Main Street America are represented in Federal Open Market Committee deliberations in Washington, D.C. Information about our governance can be found at stlouisfed.org/about-us/leadership-governance.