The Federal Reserve Bank of Chicago named Arthur C. Martinez, chairman and chief executive officer of Sears, Roebuck and Co., to be chairman of its board of directors.

Mr. Martinez has been on the Chicago Fed's board since 1996 and has been its deputy chairman since 1997. He is to begin his term Jan. 1, succeeding Lester H. McKeever, who will have fulfilled his one-year commitment.

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