For release: February 14, 2001
Contact: Marilyn Wimp, (215) 574-4197
Ronald Naples, chairman and chief executive officer of Quaker Chemical Corp., Conshohocken, Pa., has been elected to the board of directors of the Federal Reserve Bank of Philadelphia. He was elected to serve a three-year term beginning 2001 along with Doris Damm, president and chief executive officer of ACCU Staffing Services; and Robert J. Vanderslice, president and chief operating officer of Pennsville National Bank.
Naples joined Quaker Chemical, a worldwide developer, producer and marketer of chemical specialty products, in 1995. Previously, he was chairman of the board and chief executive officer of Hunt Manufacturing Co., a manufacturer and distributor of office and art products.
Naples holds a master of business administration with distinction from the Harvard Business School. He also holds a master's degree in international economic relations from the Fletcher School of Law and Diplomacy, Tufts University, Medford, Ma. He received his bachelor's degree from the United States Military Academy at West Point
His professional affiliations include serving as board chairman for the University of the Arts. He also serves on the boards of directors of the following: Philadelphia Museum of Art; the Franklin Institute; American Red Cross (Southeastern Pennsylvania Chapter); the Foreign Policy Research Institute; the Rock School of the Pennsylvania Ballet; and Friends' Central School. His past community services includes a long-time membership in the regional selection committee of the President's Commission on White House Fellowships.
The Bank's directors provide Federal Reserve officials with grass roots information on business, agricultural, and financial conditions. They also set the discount rates Reserve Banks charge on loans to depository institutions (subject to approval by the Board of Governors). Additionally, directors have administrative responsibilities for overseeing management of the Bank's operations and assuring that the affairs of the Bank are administered fairly and impartially.
The Federal Reserve Bank of Philadelphia serves depository institutions in eastern Pennsylvania, southern New Jersey and Delaware by supplying cash to these banks and thrifts, supervising them, collecting and processing about 4.6 million checks daily, wiring money and securities nationwide, as well as participating in the broader objective of setting monetary policy.