A bank CEO and a certified public accountant are the latest two members added to the board that will oversee Detroit's finances.
Detroit Mayor Dave Bing on Friday said Eddie Munson and Sandra Pierce were his two appointees to the Financial Advisory Board, which is required under the consent agreement between the state and the city.
“Consistent with the appointments made last week, these individuals exceed the qualifications established by the Financial Stability Agreement,” said Bing. “I sincerely thank both Eddie and Sandy for their sacrifice and commitment to the future of the city of Detroit.”
Who they are
Munson is a certified public accountant and a former partner at KPMG LLP (KPMG) with more than 30 years of public and private sector auditing experience. A native of Mississippi who lives in Rochester Hills, Munson is the retired director of Caraco Pharmaceutical Laboratories Ltd. Munson, who earned his bachelor’s degree in accounting from Jackson State University, was the managing partner of the KPMG Detroit office from January 1993 to September 2003. He currently serves on the Board of Trustees of the Skillman Foundation.
Pierce, president and CEO of Charter One, Michigan, is a Detroit native, who lives in Northville. A 1980 graduate of Wayne State University, where she earned a bachelor’s degree in business administration, Pierce also earned a Masters of Business Administration degree in Finance from Wayne State University in 1984. She’s held several roles in commercial banking, retail banking, and marketing at NBD, First Chicago NBD, Bank One, and JP Morgan Chase. Pierce was named Charter One president and CEO in 2005. In 2010, Pierce was named to the Detroit Public Schools Bond Advisory and Fiscal Responsibility Committee to oversee the DPS $500.5 million facilities program.
FAB now has 5 members
Bing, Gov. Rick Snyder, and state treasurer Andy Dillon announced the first three appointees to the FAB last week, which including former state treasurer Robert Bowman, Darrell Burks and Ken Whipple.
The Financial Stability Agreement requires FAB members to have at least 10 years of experience with municipal financial transactions, complex, multidimensional governmental restructurings, governmental labor relations, health care benefits or pension matters, or local government management. Appointees have also had their qualifications confirmed by the Michigan Association of Certified Public Accountants or the Michigan Government Finance Officers Association.