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Top Board Appointments Announced

For immediate release
Contact: Katherine Q. Dibling, assistant media advisor, (215) 574-4197

Philadelphia, Pa. - William F. Hecht, retired chairman and CEO of PPL Corporation, Allentown, and Charles P. Pizzi, president and chief executive officer (CEO) of Tasty Baking Company, Philadelphia, were appointed chairman and deputy chairman of the Philadelphia Fed's Board of Directors for 2008.

Each of the 12 Reserve Banks has a nine-member board of directors, which oversees Bank operations. The directors provide information about economic condition in their industries to monetary policymakers. Each director is elected or appointed for a term of three years.

Hecht is the retired chairman, president, and CEO of PPL Corporation, a Fortune 500 power company. He is also a registered professional engineer in Pennsylvania.

Hecht serves on the board of trustees of Lehigh University and Lehigh Valley Hospital and Health Network. He is also on the board of directors of Dentsply International and RenaissanceRe Holdings, Ltd. and is the president of the Lehigh Valley Partnership.

Hecht was appointed a Class C director on January 1, 2004, and deputy chairman on January 1, 2006. Class C directors are appointed by the Board of Governors External Link in Washington to represent the public. They are selected from all sectors except banking.

Hecht received bachelor’s and master’s degrees in electrical engineering from Lehigh University, and he is a graduate of the Cornell University Executive Development Program.

Pizzi is the president and CEO of Tasty Baking Company. He is responsible for all operations of the fourth largest baking company in the United States. Tasty Baking Company, headquartered in Philadelphia, is the manufacturer of the popular Tastykake brand.

He has also served as president and CEO of the Greater Philadelphia Chamber of Commerce and commerce director for the City of Philadelphia.

Pizzi is the chairman of the Allegheny West Foundation. He also serves on the boards of Drexel University, Independence Blue Cross, the Greater Philadelphia Chamber of Commerce, the Philadelphia Stock Exchange, Brandywine Realty Trust, and the Grocery Manufacturers of America.

Pizzi was appointed a Class C director on January 1, 2006. He has a bachelor’s degree from LaSalle University and a master’s degree from the University of Pennsylvania.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. The Philadelphia Fed serves the Third District, which is eastern Pennsylvania, southern New Jersey, and Delaware.

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