The Federal Reserve Bank of Philadelphia has announced new appointments to its board of directors, including a new chair and deputy chair. Peter Ruggiero, president and CEO of Crayola, has joined the board as a Class B director. Michael DiPiano, managing general partner and chairman of NewSpring Capital, was named a Class C director.
William Lo, CEO of Crystal Steel Fabricators, has been appointed as the new chair of the board. Kisha Hortman Hawthorne, senior vice president and chief operating officer at the Care Network and Behavioral Health and Crisis Center at the Children’s Hospital of Philadelphia, will serve as deputy chair. All appointments took effect on January 1, 2026.
According to the Federal Reserve Bank of Philadelphia, “The Federal Reserve Bank of Philadelphia’s nine-member board of directors oversees Bank operations, offers observations on economic conditions, establishes the Bank’s discount rate, and is a link between the Federal Reserve and the communities in the Third District, which includes eastern Pennsylvania, southern New Jersey, and Delaware.” The structure follows requirements set by the Federal Reserve Act: three Class A directors represent banking interests; three Class B directors represent public interests; three Class C directors are appointed by the Board of Governors to represent public interests as well. The chair and deputy chair are selected from among Class C directors. Individuals serving as Class B or C directors cannot be officers or directors at banks or bank holding companies; additionally, Class C directors must not have financial interests in such organizations.
The Federal Reserve Bank of Philadelphia plays several roles within its region. It participates in monetary policy decisions for the nation alongside other regional reserve banks and supervises certain financial institutions within its district. The bank also provides services to depository institutions and federal agencies across eastern Pennsylvania, central Pennsylvania, southern New Jersey, and Delaware.
