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For immediate release
Contact: Daneil Mazone, Media Relations, 215-574-7163
Philadelphia, PA —The Federal Reserve Bank of Philadelphia has announced the appointments of James E. Nevels, chairman and founder of The Swarthmore Group in Philadelphia, and Michael J. Angelakis, vice chairman and CFO of Comcast Corp., to chairman and deputy chairman of its board of directors, respectively. Their one-year terms will begin January 2014.
Prior to his appointment as chairman, Nevels served as deputy chairman of the Bank’s board of directors and has been a Class C director at the Bank since January 2010. In 1991, Nevels founded The Swarthmore Group, an investment advisory firm. He is chairman of the board of The Hershey Company and serves on the boards of the Hershey Trust Company, the Milton Hershey School, and the Pro Football Hall of Fame.
In 2004, President George W. Bush appointed Nevels to the Advisory Committee of the Pension Benefit Guaranty Corp., where he served as chairman from 2005 to 2007. Nevels has also served as chairman of the Philadelphia School Reform Commission. A cum laude and Phi Beta Kappa graduate of Bucknell University, he also earned an MBA from the Wharton School of the University of Pennsylvania and a J.D. degree from the University of Pennsylvania Law School. He also earned honorary doctorates from Saint Joseph’s University and Harrisburg University of Science and Technology.
Before his appointment as deputy chairman, Angelakis served as a Class C director of the Bank’s board since January 2012. In his roles at Comcast Corp., Angelakis is responsible for corporate development, strategic planning, investor relations, internal and external reporting, and taxation. From 1999 to 2007, he was a managing director and a member of the management and investment committees of Providence Equity Partners. Before that, he was president and CEO of State Cable TV Corp. and Aurora Telecommunications, LLC. He also served as a vice president at Manufacturers Hanover Trust Company in New York.
Angelakis serves on the board of Big Brothers Big Sisters of America. He is also a trustee of Babson College. Angelakis was named one of America’s Best CFOs by Institutional Investor magazine in 2012, 2009, and 2008. He is a graduate of Babson College and the Owner/President Management Program at Harvard Business School.
About the Reserve Banks’ Boards of Directors
Each of the 12 Reserve Banks has a nine-member board of directors that oversees the Bank’s direction and performance. The directors also participate in the formulation of the Fed’s monetary policy through their reports on economic and financial conditions and their decisions on the Bank’s discount rate. The board of directors is chosen through a nonpolitical process. Three Class A directors are elected by the District’s member banks to represent banking. Three Class B directors are also elected by member banks to represent the public; by law, they cannot be directors or officers of a bank or bank holding company. The Board of Governors appoints three Class C directors, who are non-bankers, including the chair and deputy chair.
About the Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.