BNSF Railway Co.’s executive chairman, Matthew K. Rose, has been named deputy chair of the Federal Reserve Bank of Dallas’ board of directors. Rose was already a director on the board, joining earlier this year. Rose replaces Renu Khator, chancellor and president at the University of Houston who was named to the chairmanship. She replaces Mike Ullman, CEO of JC Penny Co. Inc., who is stepping down.
Khator and Rose take their positions on Jan. 1. The Federal Reserve Board announced the designation of the chairs and deputy chairs of the 12 Federal Reserve Banks for 2015 on Nov. 19. Each of the country’s 12 reserve banks has a nine-member board of directors. The Board of Governors in Washington appoints three of these directors and each year designates one of its appointees as chair and a second as deputy chair.