Financial Executives International (FEI), the association for financial executives, has announced that Susan Schmidt Bies, Ph.D., former member of the Board of Governors for the Federal Reserve, and John F. Ruffle, former Chairman of the Board of FEI, have been selected as the 2008 class of inductees of the FEI Hall of Fame. The FEI Hall of Fame, co-sponsored by the Microsoft Corporation, recognizes individuals who epitomize the performance, leadership, and integrity of the most exemplary financial executives throughout their careers.
Bies and Ruffle will join an impressive roster of past inductees, which include Thomas Jones, Samuel Siegel, Dennis R. Beresford, Frank J. Borelli, F. Gorham Brigham, Jr., Robert W. Moore, and Charles H. Noski. This honor was established in 2006 to commemorate FEI's 75th Anniversary as an organization serving financial executives. The 2008 class of inductees will be formally honored at an induction ceremony at the FEI Hall of Fame Gala Dinner on November 17, 2008 at the New York Stock Exchange in New York City.
"FEI's Hall of Fame has become an important tradition not only for our organization, but for the financial community as a whole. It provides an opportunity to celebrate the leadership, excellence and accomplishments of our financial executives, and Ms. Bies and Mr. Ruffle are truly deserving of this honor," said James J. Abel, Acting President and CEO of Financial Executives International. "The 2008 inductees have exhibited outstanding leadership, innovation, and integrity that as finance professionals, we should all strive to model. I congratulate them on joining this elite class."
"The FEI community is comprised of financial leaders who demonstrate talent and expertise in their field, and this year's Hall of Fame class is no exception," said Frank H. Brod, Corporate Vice President, Finance and Administration and Chief Accounting Officer, Microsoft Corporation. "The qualities inherent in the honorees are qualities that we at Microsoft hold in the highest regard. Microsoft is proud to be the premier sponsor of FEI's Hall of Fame, and we join in congratulating the 2008 inductees on their accomplishments."
A look at the inductees' significant accomplishments and impact on the financial community includes:
Dr. Susan Schmidt Bies served as a member of the Board of Governors of the Federal Reserve System from 2001 through 2007. As part of her duties, she represented the Federal Reserve in the Financial Stability Forum and served as Chairman of the Committee on Supervisory and Regulatory Affairs. Prior to joining the Federal Reserve, Bies spent more than two decades at First Tennessee National Corporation in Memphis, Tennessee, where she served in a number of high ranking positions of increasing importance, including Executive Vice President for Risk Management and Auditor, Executive Vice President and Chief Financial Officer, and Senior Vice President and Treasurer. Earlier in her career, Bies held positions at Rhodes College, Wayne State University and the Federal Reserve Bank of St. Louis.
Bies currently leads the Subcommittee on Substantive Complexity of the SEC Advisory Committee on Improvements to Financial Reporting and serves on the Boards of Directors of Zurich Financial Services and of Zurich Insurance Company. She has been active with various organizations, including the Financial Accounting Standards Board Emerging Issues Task Force, the FEI Committee on Corporate Reporting, the End Users of Derivatives Association, the American Bankers Association, and the Bank Administration Institute.
John F. Ruffle served as Vice Chairman and Director of J.P. Morgan & Co. Incorporated and Morgan Guaranty Trust Company of New York, from 1985 through 1993. Ruffle began his career with J. P. Morgan as Controller in 1970 and became the company's Chief Financial Officer in 1980. Before joining J. P. Morgan, he also held positions with Price Waterhouse and the International Paper Company.
Ruffle currently serves as a Director of several mutual funds in the JP Morgan Family, as well as certain other investment funds managed by J.P. Morgan Investment Management Inc. He is also a Director of American Shared Hospital Services, Inc. and an Emeritus Trustee of the Board of Trustees of John Hopkins University. He was chairman of the Board of Financial Executives International in 1984 and served on the board of the Financial Accounting Foundation from 1985 to 1990, serving as chairman for two of those years. In prior years Ruffle has served as a member of the Board of Directors of many companies, including Bethlehem Steel Corporation, Wackenhut Corporation, Wackenhut Corrections Corporation, Trident Corporation, and Sallie Mae.
Nominees were evaluated on their exceptional attributes in categories considered essential to executive excellence, including individual and organizational performance, leadership, integrity and respect for others, innovation and community involvement. Inductees were selected by a committee comprised of corporate leaders that include current and past FEI leadership.
Financial Executives International is an advocate for the views of corporate financial management. Its 15,000 members hold policy-making positions as chief financial officers, treasurers, and controllers. FEI enhances member professional development through peer networking, career management services, conferences, teleconferences, and publications. Members participate in the activities of 84 chapters, 73 in the U.S. and 11 in Canada. Visit for more information.