FSR Board of Directors

Ajaypal S. Banga

Immediate-Past Chairman MasterCard

Ajay Banga is president and chief executive officer of Mastercard and a member of its board of directors.

Mr. Banga is a member of the U.S. President’s Advisory Committee for Trade Policy and Negotiations and sits on the board of directors of the U.S.-India Business Council (USIBC), where he served as its longest-tenured chairman. Mr. Banga is a member of the U.S.-India CEO Forum and co-chairs the board of directors of the American India Foundation. He served as a member of President Obama’s Commission on Enhancing National Cybersecurity.

Mr. Banga serves on the Executive Committee of the Business Roundtable and the Financial Services Roundtable, as well as vice chairman of the Business Council.

Brian T. Moynihan

Chairman Bank of America Corporation

Brian Moynihan leads a team of more than 200,000 employees dedicated to making financial lives better for people, companies of every size, and institutional investors across the United States and around the world.

Bank of America is recognized as a top employer by organizations including Working Mother magazine, the Human Rights Campaign, and G.I. Jobs magazine. The company also received the Department of Defense Freedom Award for support of employees serving in the National Guard and Reserve.

Moynihan participates in several organizations that focus on economic and market trends, including the World Economic Forum International Business Council, The Clearing House, the Financial Services Forum and the Financial Services Roundtable (chair of both), the Business Roundtable, and the Bipartisan Policy Center CEO Council on Health and Innovation. He is also a member of the Federal Advisory Council of the Federal Reserve Bank.

Moynihan leads the company’s Global Diversity and Inclusion Council and is a member of the Museum Council for the Smithsonian’s National Museum of African American History and Culture. Moynihan is also a member of the Brown University Corporation’s Board of Fellows and the Congressional Medal of Honor Foundation Board.

Christopher B. Begy

Executive Committee (term exp. 2018) BMO Financial Corp.

Christopher Begy is U.S. Country Head and Chief Executive Officer, BMO Financial Corporation. His appointment was effective on August 1, 2013.

Mr. Begy joined Bank of Montreal in 1987 from a “Big Four” accounting firm where he was a director in the financial services practice. His first executive appointment was Vice President, Taxation in 1989. He was subsequently appointed Chief Accountant, then Senior Vice President and Corporate Controller. He was appointed Chief Auditor in 2001.

Mr. Begy, a Chartered Accountant by profession, has long been engaged in standard-setting for accounting and auditing. He has chaired the Canadian Institute of Chartered Accountants’ Accounting Standards Board and served as a member of working teams on accounting standards with the Financial Accounting Standards Board. He has also been a member of the International Accounting Standards Board Advisory Committee on Financial Institution Reporting and the CICA’s Auditing and Assurance Standards Board and Canadian Performance Reporting Board.

Daniel Houston

Term exp. 2019 Principal Financial Group

Daniel J. Houston has been a Director of the Company and Principal Life since 2014. He has been Chairman, President and Chief Executive Officer of the Company and Principal Life since May 17, 2016. He was President and Chief Executive Officer August 2015 – May 2016, President and Chief Operating Office November 2014 – August 2015, and President of Retirement, Insurance and Financial Services 2009 – November 2014.

Mr. Houston is active on a number of boards including the American Council of Life Insurers, the Financial Services Roundtable, Business Roundtable, Iowa Business Council, Greater Des Moines Partnership, Employee Benefits Research Institute, the Iowa State University Business School Dean’s Advisory Council, United Way of Central Iowa, and the Partnership for a Healthier America.

Daryl G. Byrd

Term exp. 2017 IBERIABANK Corporation

DARYL G. BYRD is President and Chief Executive Officer of IBERIABANK Corporation and IBERIABANK. He serves on the Boards of Directors for both entities. He joined IBERIABANK in 1999. IBERIABANK, headquartered in Lafayette, Lousiana, is the 124-year-old subsidiary of IBERIABANK Corporation and operates 170 branch offices throughout Louisiana, Arkansas, Alabama, Florida, Texas and Tennessee. With $11.8 billion in assets (as of December 31, 2011) and over 2,500 associates, IBERIABANK Corporation is the largest and oldest bank holding company headquartered in Louisiana. The Company also operates bank offices in Alabama, Arkansas, Florida, Tennessee and Texas. Mr. Byrd began his banking career with Trust Company Bank of Georgia (now SunTrust) in 1980. He worked for BB&T until 1985 when he moved from North Carolina to Louisiana to lead commercial lending activities for First National Bank of Lafayette, a subsidiary of First Commerce Corporation. In 1990, he was named president and chief executive officer of Rapides Bank and Trust Company in Alexandria, Louisiana, another First Commerce Corporation bank .In 1992, he moved to First National Bank of Commerce, the lead bank for First Commerce Corporation, as executive vice president in charge of the commercial banking and mortgage banking groups. Following the merger of First Commerce/Bank One, Mr. Byrd was named president and chief executive officer of Bank One, Louisiana, New Orleans region.

David I. McKay

Term exp. 2018 Royal Bank of Canada

Dave McKay was appointed President of RBC on February 26, 2014 and Chief Executive Officer and Director of the Board on August 1, 2014.

In his previous role as Group Head, Personal & Commercial Banking, which he held from November 2012 to February 2014, Mr. McKay was responsible for RBC’s banking businesses in Canada, the United States, and the Caribbean, including personal and commercial financial services, credit cards and payments, as well as RBC’s sales and branch distribution, operations and advice centers.

Prior to this, he served as Group Head of Canadian Banking, Executive Vice President of Personal Financial Services, and Senior Vice President of Financing Products, respectively. Mr. McKay started his career at RBC in 1988, and has held progressively senior roles in Canada and Japan in retail and business banking, group risk management, and corporate banking.

Frederick H. Waddell

Director (Chairman 2015) Northern Trust Corporation

Frederick H. Waddell is Chairman and Chief Executive Officer of Northern Trust, one of the world’s leading asset management, asset servicing, fund administration, fiduciary and banking services firms. Serving successful individuals, families and institutions worldwide, the Chicago-based, 122-year-old financial institution had $4.2 trillion in assets under custody and $644.2 billion in assets under management as of September 30, 2011.

Since joining Northern Trust in 1975, Waddell has held leadership positions in Commercial Banking, Strategic Planning and Personal Financial Services. In March 2003, he became head of the Corporate & Institutional Services business unit and, in February 2006, was named President and Chief Operating Officer of Northern Trust. Mr. Waddell was appointed Chief Executive Officer on January 1, 2008, and named Chairman in November 2009.

Waddell is a member of the Board of Directors of the Federal Reserve Bank of Chicago, The Chicago Council on Global Affairs, The Economic Club of Chicago, the Financial Services Roundtable, The Chicago Club, Chicago Urban League and the United Way of Metropolitan Chicago.

Waddell received a bachelor’s degree in government from Dartmouth College and a master’s degree in business administration from the J.L. Kellogg School of Management of Northwestern University.

J. Eric Smith

Term exp. 2017 Swiss Re America Holding Corporation

Eric Smith, President and CEO Swiss Re Americas, is an American insurance industry executive. Smith joined Swiss Re, and the Swiss Re Group Management Board, in July 2011; he was named to the Swiss Re Group Executive Committee in January 2012. He is responsible for Swiss Re’s Property & Casualty and Life & Health reinsurance businesses, and has operational oversight of Swiss Re’s business interests in the Americas as its regional president.

Smith’s career encompasses both the business-to-business and retail sides of the insurance industry. He began his career as multi-line insurance agent with Country Financial in Monticello, IL. He spent over 20 years at Country Financial, helping to build its Property & Casualty business as VP of marketing. He joined Allstate and became President of Allstate Financial Services in 2006, where he was responsible for its agency line of business. He joined USAA as President of USAA Life Insurance Co. in 2009, where he led the effort to broaden access to the company’s life and annuity products through direct distribution channels.

Smith serves on the Boards of the American Council for Life Insurers (ACLI), American Insurance Association (AIA) and the Financial Services Roundtable (FSR) and is a member of the Committee for Economic Development (CED).

John P. Barnes

Term exp. 2018 People’s United Bank

John P. (Jack) Barnes is President and Chief Executive Officer of People’s United Bank. Barnes joined People’s United Financial as Senior Executive Vice President and Chief Administrative Officer following the acquisition of Chittenden Corporation in early 2008.  In this position, he managed Information Technology, Operations, Real Estate Services and Business Services.

Barnes joined Chittenden Bank in 1983 as manager of Loan Review after five years with the FDIC – Boston. He became senior vice president and chief credit policy officer in 1988. In 1990 he was appointed division head of the Credit Policy and Administration division, which grew to include various support services areas. In 2002, Mr. Barnes was appointed executive vice president in charge of the newly formed Chittenden Services Group, which included IT, Operations and other centralized services for the corporation.

He is a graduate of Northeastern University and received his MBA from the University of Vermont.

Kelly S. King

Term exp. 2019 BB&T Corporation

Kelly S. King has served as chairman of BB&T since January 2010. He has been president and chief executive officer of BB&T Corporation and chairman and chief executive officer of Branch Banking & Trust Company since January 2009. He also served as chief operating officer of BB&T Corporation and Branch Banking and Trust Company from June 2004 to December 2008 and president of BB&T Corporation from 1996 to June 2004.

King has forged a lifetime of leadership experience with BB&T, devoting 30 of his 43 years of service to BB&T as a member of Executive Management. He has assumed leadership roles in commercial and retail banking, operations, insurance, corporate financial services, investment services and capital markets.

King is credited with leading BB&T to continued profitability and financial stability through the economic downturn beginning in 2008. Under his leadership, BB&T was one of the first institutions to repay TARP funds. His unwavering commitment to the company’s vision, mission and values has led to a nationally recognized employee volunteer program, called The Lighthouse Project. Since it began in 2009, BB&T associates have donated more than 385,000 volunteer hours to carry out more than 7,700 community service projects, which have touched the lives of more than 11 million people.

Kessel Stelling

Treasurer Synovus

Stelling began his career with Synovus in March 2006 when the company purchased Riverside Bancshares, Inc., and merged it with Bank of North Georgia, headquartered in Alpharetta, Georgia. In June 2008, he was promoted to Synovus Regional CEO for the Atlanta market. Stelling was named Synovus President and Chief Operating Officer in February 2010 and was named President and Chief Executive Officer in October 2010. He became Chairman of the Board in January 2012.

As Chairman and CEO of Synovus, a $30 billion asset bank, Stelling leads a talented team of bankers, investment professionals, and support teams in developing strategies designed to drive growth. Stelling guides a team consisting of commercial, retail, corporate, and financial management services professionals in building long-term relationships while also ensuring the company remains focused on fostering a great working environment, effectively managing risk, reducing expenses, and increasing shareholder value.

Margaret Keane

Term exp. 2019 Synchrony Financial

As President and Chief Executive Officer of Synchrony Financial, Margaret Keane brings with her a passion for emerging technology and employee development, both of which have solidified her reputation as a leader in the field.

Margaret led the Retail Card platform at GE Capital as President and CEO beginning in 2004, later expanding her responsibilities to become President and CEO of the GE Capital Retail Finance business in 2011. In her 18 years at GE Capital, she held additional leadership roles spanning consumer finance, vendor financial services, operations and quality. She began her career at Citibank, where she provided leadership in Sales, Marketing and Operations over the course of 16 years.

As a leader, Margaret is also known for championing her employees, having initiated several development programs at GE Capital and serving on the cabinet of the GE Women’s Network. She expanded the business focus on ecommerce and mobile capabilities, developing new tools for business clients and consumers alike.

Michael Tipsord

Chairman-Elect State Farm Insurance Companies

Michael L. Tipsord is Chairman, President and Chief Executive Officer of State Farm Mutual Automobile Insurance Company. State Farm® and its affiliates are the largest providers of auto, home and individual life insurance in the United States.

More than 18,000 agents and 65,000 employees live the State Farm mission to help people manage the risks of everyday life, recover from the unexpected, and realize their dreams.

Alongside the State Farm senior executive leadership team, Michael is driving State Farm to demonstrate unsurpassed value to customers and grow the business in an expanding, evolving and increasingly complex marketplace.

Michael was named chief executive officer in Sept. 2015 and was elected to the office of president earlier the same year. He was elected Chairman of the Board of State Farm Mutual Automobile Insurance Company in June 2016.

Michael began his State Farm career in 1988 and served in a number of leadership roles including vice chairman of the board, chief operating officer and chief financial officer. He practiced law prior to joining State Farm.

Paul C. Reilly

Term exp. 2017 Raymond James Financial, Inc.

Paul Reilly became chief executive officer of Raymond James Financial in May 2010, after joining the firm’s management team as president and CEO-designate in May 2009. He has served on the firm’s board of directors since 2006.

From July 2007 to April 2009, he was executive chairman of Korn/Ferry International, a global provider of talent management solutions with more than 90 offices in 39 countries throughout North America, Latin America, Europe, the Middle East, Africa and Asia Pacific. Mr. Reilly began his tenure with the company as chairman and CEO in 2001. Prior to Korn/Ferry, he was CEO at KPMG International, a firm of more than 100,000 employees with annual revenues of $12 billion. Based in Amsterdam, he was responsible for the overall strategy and implementation of the firm’s products, services and infrastructure on a global basis. Before being named CEO at KPMG, he ran the firm’s financial services business and earlier had held senior management positions in its real estate consulting group.

He is a financial services industry leader, serving on the board of the Financial Services Roundtable and as an executive committee member of SIFMA.

Richard McKenney

Term exp. 2018 Unum

Richard (Rick) McKenney is president and chief executive officer for Unum Group, one of the world’s leading providers of workplace financial protection benefits.

McKenney served as executive vice president and chief financial officer for Unum Group from 2009 to 2015, where he was responsible for overall financial management of the company, including financial reporting, treasury and capital management, strategic planning and mergers and acquisitions, investments, financial planning, investor relations, and enterprise risk management. He became president in April 2015 and assumed the role of CEO in May of the same year.

Robert L. Reynolds

Term exp. 2018 Putnam Investments

Mr. Reynolds is President and Chief Executive Officer of Putnam Investments and President of the Putnam Funds. Building upon a distinguished 30-year career, he has revitalized Putnam through strong, sustained investment performance, new products designed for today’s market challenges, and thought leadership on the future of retirement and workplace savings. Respected as an industry statesman, Mr. Reynolds is regarded as a driving force of innovation and progress in institutional and retail financial services.

Mr. Reynolds’ accomplishments have earned multiple industry honors over time. He was named Fund Leader of the Year at the Mutual Fund Industry Awards in 2010 for the strategic improvements he initiated at Putnam. The following year, Putnam, under the leadership of Mr. Reynolds, was honored as Retirement Leader of the Year for initiatives and innovative solutions in the workplace savings arena. Mr. Reynolds has also received a Lifetime Achievement Award from PLANSPONSOR magazine for popularizing employer sponsored 401(k) plans.

Roger Crandall

Term exp. 2019 MassMutual Financial Group

Roger W. Crandall is Chairman, President and Chief Executive Officer of Massachusetts Mutual Life Insurance Company (MassMutual), headquartered in Springfield, Mass.

During Mr. Crandall’s tenure as CEO, MassMutual has grown to serve more than five million customers, reached a record $639 billion in assets under management and strengthened its industry-leading position as a financially-strong mutual company run for the benefit of its policy owners and customers. MassMutual provides holistic financial solutions through a broad range of businesses, which include its domestic insurance and retirement businesses, asset management subsidiaries (including OppenheimerFunds, Babson Capital Management LLC, Cornerstone Real Estate Advisers LLC, Baring Asset Management Limited), and MassMutual International, which has insurance operations in China, Japan, and Taiwan. MassMutual is a top 100 company on the FORTUNE 500 and a FORTUNE World’s Most Admired Company.

Scott E. Powell

Term exp. 2019 Santander

Scott Powell is the Chief Executive Officer of Santander US and Santander Bank. He is responsible for overall U.S. strategy and management, overseeing Santander’s U.S. and Puerto Rico business units, as well as strategy and performance of Santander Bank.

Scott joined Santander in March of 2015 after more than two decades working in retail banking, risk management and consumer and auto lending.

Prior to joining Santander, he held a variety of senior positions at J.P. Morgan Chase & Co., including Head of Banking and Consumer Lending Operations, CEO of Consumer Banking and Retail Investments, Head of Consumer Lending, as well as Chief Risk Officer, Consumer. He also spent 14 years at Citi in a variety of risk management roles. Most recently, Scott was Executive Chairman of National Flood Services Inc.

Stephen D. Steinour

Term exp. 2017 Huntington Bancshares Incorporated

Stephen D. Steinour is Chairman, President and Chief Executive Officer of Huntington Bancshares Inc.

Prior to joining Huntington, Steinour was Managing Partner of CrossHarbor Capital. Previously, Steinour was President and Chief Executive Officer of Citizens Financial Group (CFG), responsible for overseeing the commercial bank holding company’s business lines and operations.

Before joining CFG, Steinour was division executive for Fleet Financial Group. Prior to his tenure at Fleet, he was executive vice president at Bank of New England. Following his graduation from Gettysburg College in 1980 with a degree in economics, Steinour was an analyst for the U.S. Treasury Department and subsequently worked for the FDIC. He is a graduate of The Executive Program at Stanford University Graduate School of Business.

Steinour is a member of the Board of Directors of L Brands, Inc. and Exelon Corporation. He is a Trustee of The Ohio State University Wexner Medical Center. He is a member of The Columbus Partnership and a Trustee of the Columbus Downtown Development Corporation. Steinour is also a Trustee of the Eisenhower Fellowships and a Board of Director of the Financial Services Roundtable.

Theodore A. Mathas

Executive Committee (term exp. 2017) New York Life Insurance Company

Ted Mathas is Chairman of the Board and Chief Executive Officer of New York Life Insurance Company, the nation’s largest mutual life insurer with more than $500 billion in assets under management.  As chief executive, Mr. Mathas is responsible for running all aspects of the company, including U.S. and Mexico operations.  The core business includes life insurance, retirement income, investment management, and long-term care insurance.

Mr. Mathas has been a director of the company since July 2006.  In July 2007, Mr. Mathas was named President by the Board of Directors.  He became Chief Executive Officer on July 1, 2008.  On June 1, 2009, Mr. Mathas became Chairman of the Board of Directors, retaining the title of President and CEO.

He also serves on the boards of The Financial Services Roundtable, where he is a member of the board’s Executive Committee, the U.S. Chamber of Commerce, the American Museum of Natural History, the Partnership for New York City, the Norfolk Collegiate School, and the Hackley School.  In addition, he recently served as industry chair of the American Council of Life Insurers.

Thomas J. McInerney

Term exp. 2017 Genworth Financial

Thomas J. McInerney is the President and Chief Executive Officer of Genworth Financial, Inc. Before joining Genworth, Mr. McInerney had served as a Senior Advisor to the Boston Consulting Group from June 2011 to December 2012, providing consulting and advisory services to leading insurance and financial services companies in the United States and Canada. From October 2009 to December 2010, Mr. McInerney was a member of ING Groep’s Management Board for Insurance, where he was the Chief Operating Officer of ING’s insurance and investment management business worldwide.

Prior to that, he served in a variety of senior roles with ING Groep NV after serving in many leadership positions with Aetna, where he began his career as an insurance underwriter in June 1978. Mr. McInerney is a member of the Board of the American Council of Life Insurers and the Financial Services Roundtable. Mr. McInerney received a B.A. in Economics from Colgate University and an M.B.A. from the Tuck School of Business at Dartmouth College.

Thomas J. Wilson

Director (Chairman 2012) The Allstate Corporation

Tom Wilson, 58, is the chairman and chief executive officer of The Allstate Corporation. Wilson has served as CEO of Allstate since 2007 and became chairman of The Allstate Corporation’s Board of Directors in 2008.

Wilson has held a number of senior executive positions at Allstate since 1995. As CEO, Wilson has led a multi-year transformation of Allstate to position it as the only insurer with differentiated brands targeted at each segment of the market. The emphasis has been not only on doing the right things, such as investing in cutting-edge innovation, improving efficiency and productivity, and shedding non-core assets, but in doing them in the right way — optimizing the pace of change, restructuring for the long term rather than the short term, honoring commitments to employees, agency owners, customers and communities, and investing in the people of Allstate.

Wilson is the vice chair of the U.S. Chamber of Commerce and holds active leadership positions within the financial services industry and the community. He is a board member of State Street Corporation and the Financial Services Roundtable. He is also a member the Property and Casualty CEO Roundtable and the Financial Services Forum, as well as the Civic Committee of the Commercial Club of Chicago. Wilson regularly offers comment and insight about timely business and policy topics in national media outlets, and his articles have been published in the New York Times, Washington Post and CNN.com.

Walter White

Term exp. 2019 Allianz Life Insurance Company of North America

Walter White is president and CEO of Allianz Life Insurance Company of North America (Allianz Life®), based in Minneapolis, Minnesota. Prior to assuming his position as CEO, White served as chief administrative officer, leading Operations, IT, Compliance, Suitability, and the Central Project Office.

Before joining Allianz Life in 2009, White was president of Woodbury Financial Services, a full-service broker/dealer, and led the formation of the company after Hartford Life purchased Fortis Financial Group in 2001. At Fortis, White held senior management positions in marketing and operations. Prior to joining Fortis, White was president of MONY Brokerage, the MONY Group’s life insurance brokerage subsidiary.

He is a board member of the Minnesota Business Partnership, the American Council of Life Insurers, the Financial Services Roundtable, and a director and member of the Executive Committee of Senior Community Services.

William Emerson

Term exp. 2018 Quicken Loans

Bill Emerson is Vice Chairman of Rock Holdings Inc., the parent company of Quicken Loans, the nation’s second largest mortgage lender, and several other FinTech businesses. He is responsible for leadership, growth and culture development across the entire Rock Holdings portfolio.

Most recently, Bill was Chief Executive Officer of Quicken Loans, a position he held for 15 years. Under his leadership, Quicken Loans became the second largest retail mortgage lender and has closed nearly $300 billion in home loan volume across all 50 states since 2013.

Bill joined Quicken Loans in 1993 as a Mortgage Banker. His passion and commitment for learning and growing, as well as his zeal for taking care of clients, helped him take on many roles at the company.

Bill is an active spokesman for the housing industry and has testified before the United States Senate Committee on Banking, Housing and Urban Affairs and the House Financial Services Subcommittee on Financial Institutions and Consumer Credit. He served as Chairman of the Mortgage Bankers Association (MBA) for the 2015-2016 term and is the former Vice-Chairman of the MBA’s Residential Board of Governors. He is also a board member of the Financial Services Roundtable’s Housing Policy Council (HPC) and the HPC’s Executive Council.

William H. Rogers, Jr.

BITS Chairman SunTrust Banks, Inc.

William H. Rogers, Jr. (Bill) is chairman and chief executive officer of SunTrust Banks, Inc., one of the nation’s largest financial services companies serving 4.6 million households and business clients.

SunTrust operates an extensive branch and ATM network throughout the Southeast and Mid-Atlantic states, along with a full array of 24-hour digital channels. Its primary businesses include deposit, credit, trust and investment services. The company serves clients nationally in selected businesses, including corporate and investment banking, mortgage, private wealth management and consumer lending. Through its various subsidiaries, the company also offers asset management, securities brokerage and capital market services. As a purpose-driven company dedicated to Lighting the Way to Financial Well-Being, SunTrust is leading a movement to inspire Americans to gain financial confidence, offering tools and resources through onUp.com.

Since taking the CEO post, Rogers has led a significant transformation of the company, building upon its client-first culture and increasing focus on operating returns and efficiency. Under his leadership, SunTrust has improved its adjusted tangible efficiency ratio from 72 percent to below 63 percent, and more than doubled the return on average tangible common equity.