Banking

This local will be the first auto exec to chair Atlanta’s Federal Reserve Bank

AutoNation’s chairman, CEO and president, Mike J. Jackson, will chair the Federal Reserve Bank of Atlanta’s board of directors, the bank announced Wednesday. The appointment marks the first time an executive from the automotive industry is chosen as chair.
AutoNation’s chairman, CEO and president, Mike J. Jackson, will chair the Federal Reserve Bank of Atlanta’s board of directors, the bank announced Wednesday. The appointment marks the first time an executive from the automotive industry is chosen as chair. MCT

AutoNation’s chairman, CEO and president, Mike J. Jackson, will chair the Federal Reserve Bank of Atlanta’s board of directors, the bank announced Wednesday.

Jackson’s appointment marks the first time an executive from the automotive industry is appointed chair. Myron A. Gray, president of U.S. operations at United Parcel Service, has been appointed deputy chair of the bank’s board of directors. Their one-year term began on Jan. 1.

Jackson, who joined Fort Lauderdale-based AutoNation as CEO in 1999, previously served on the board of directors of the Federal Reserve Bank of Atlanta’s Miami branch. (He became company chairman in 2002 and president in 2015.) Jackson is also a member of the board of governors and the immediate past chair of the Museum of Art Fort Lauderdale and currently serves on the board of trustees of Nova Southeastern University.

Gray is responsible for package delivery, logistics services, transportation and UPS airlines at the Atlanta-based UPS. He also serves on the package delivery company’s management committee, the group of senior executives responsible for the company’s day-to-day management. As the previous president of the Americas region, Gray led the expansion of UPS express delivery and logistics services into markets such as Mexico and Brazil.

The executives will join the nine-member board of directors in Atlanta’s Federal Reserve Bank, whose region includes South Florida. The board of directors in Atlanta and those at 11 others regional Fed banks recommend changes in the discount rate, which is the interest rate charged to commercial banks on loans from the Federal Reserve. Board members also have a hand in the formulation of U.S. monetary policy.

Chabeli Herrera: 305-376-3730, @ChabeliH

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