The headquarters of the Federal Reserve Bank of Boston. Photo Courtesy of Fox-orian / CC BY-SA 3.0

State Street Corp. Chairman and CEO Ronald O’Hanley has been elected to the Federal Reserve Bank of Boston’s board of directors effective Jan. 1, the Boston Fed said in a statement yesterday.

O’Hanley has been with State Street since 2015 and became CEO and chairman in 2020. He joins Sushil K. Tuli, chairman and CEO of Arlington-based Leader Bank, and Jeanne A. Hulit, president and CEO of Maine Community Bank, as the board’s three Class A directors representing member banks.

Member banks of the Boston Fed elect the Class A directors. They also elect the Class B directors, who represent the public, particularly in the interests of agriculture, commerce, industry, services, labor and consumers. The Federal Reserve Board of Governors elects Class C directors, who also represent the public.

O’Hanley replaced Bruce Van Saun, Citizens Bank chairman and CEO.

Bob Rivers, Eastern Bank’s chair and CEO, has been appointed as the Boston Fed’s member on the Federal Reserve System’s Federal Advisory Council. O’Hanley held that role last year.

Elected as a Class B director was Meghan Hughes, president of Community College of Rhode Island. The other Class B directors are Kimberly Sherman Stamler, president of Related Beal, and Lauren A. Smith, the chief health equity and strategy officer for the CDC Foundation.

The Boston Fed’s new board chair is Corey Thomas, chair and CEO of Rapid7. Thomas replaced Christina Hull Paxson, president of Brown University. Roger W. Crandall, the chairman, president, and chief executive officer of Massachusetts Mutual Life Insurance Co., has been appointed deputy chair, a role previously held by Thomas. They are both Class C directors, along with Lizanne Crandall, Talbot’s executive chair and CEO.