David M. Lilly (central banker)
David M. Lilly | |
|---|---|
| Born | 1917 Saint Paul, Minnesota, U.S. |
| Died | 2014 |
| Occupation(s) | Business executive, Federal Reserve Board member, academic administrator |
| Known for | Chairman of The Toro Company; Member of the Federal Reserve Board of Governors; Dean of the University of Minnesota School of Management |
David M. Lilly, also known as David Maher Lilly (1917–2014), held the position of chairman at The Toro Company. He was previously chairman of the Federal Reserve Bank of Minneapolis, served as a director for both First Bank System and First National Bank of St. Paul, was a member of the Federal Reserve Board of Governors, and acted as dean of the University of Minnesota School of Management.
Early life and career
Lilly was born in Saint Paul, Minnesota in 1917. He completed his undergraduate studies in economics at Dartmouth College in 1939. Between 1940 and 1941, he gained experience working in investment banking.
Career
From 1941 to 1942, Lilly held the role of assistant to the undersecretary at the U.S. Treasury. Following his military service during World War II from 1942 to 1945, he joined The Toro Company that same year as vice president and general manager. He advanced to president in 1950 and later served as chairman from 1968 until his appointment to the Federal Reserve Board. In 1976, President Gerald Ford named him to the Board of Governors.
In addition to this appointment, Lilly undertook several leadership roles in 1976:
- Chairman of the board of trustees at Carleton College
- Member of Harvard University's Graduate School of Education Visiting Committee
- Participant on the Council of Dartmouth College Alumni
Taking over from Robert C. Holland, Lilly completed Holland’s unexpired term on the Federal Reserve Board. He prioritized inflation control as essential for maintaining economic stability and introduced an oval-shaped table for Federal Open Market Committee sessions to improve interaction among members.
Following his service on the Federal Reserve Board, Lilly was dean of the University of Minnesota School of Management (currently known as the Carlson School of Management) from 1978 through 1983. Subsequently, he served as vice president for finance and operations at the university until 1988.