The CEO of Charlotte-based National Gypsum has been elected a director of the Federal Reserve Bank of Richmond, becoming one of nine members of the bank’s board.
Tom Nelson’s directorship officially begins at the start of next year. He will succeed Marshall Larsen, retired CEO of Goodrich Corp., whose term expires at the end of December.
The Richmond Fed, with headquarters in Richmond, Va., is one of 12 regional Federal Reserve banks. The Richmond Fed’s territory, the 5th Federal Reserve District, includes the Carolinas, Maryland, Virginia, West Virginia and Washington, D.C.
Nelson will serve a three-year term as a Class B director. The bank’s board is made of three classes of directors, with three directors for each class. Class B and C members represent the public. Class A directors represent Federal Reserve member banks in a district.
Federal Reserve member banks elect the Class A and B directors. The Board of Governors of the Federal Reserve System in Washington, D.C., appoints the Class C directors.
Responsibilities of the directors include supervising the Federal Reserve Bank in their district and making recommendations on monetary policy.
National Gypsum is a privately held producer of gypsum board. Nelson has been the company’s CEO since 1999. He also sits on the boards of Belk, Carolinas HealthCare System and Yum Brands.