PHOENIX, Dec. 9, 2014 — Cardon Development Group (CDG), an innovative commercial real estate development company that specializes in large-scale public-private partnerships, announced today that Chairman Roy Vallee was selected to Chair the Board of Directors for the 12th District of the Federal Reserve. CDG CEO Don Cardon made the announcement.

Roy was elected for a three-year term on the Board of Directors, which will officially begin on January 1, 2015, and he will serve as Chair in 2015. The 12th District of the Federal Reserve includes Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington. The roles of the Federal Reserve Bank Board of Directors include: overseeing the management of the Reserve Banks and Branches, participating in the formulation of national monetary and credit policies, and acting as a “link” between the government and the private sector.

“I am grateful the 12th District will be served by Roy’s significant leadership and character qualities,” said Cardon. “For those of us privileged to know and partner with him, we see this as more than encouraging given the Fed’s pursuit of prudent leadership and sound monetary policy. We are proud of Roy’s many accomplishments, including his role as Chairman of CDG’s Board, and feel fortunate to work along side of him as we successfully advance our national and international aspirations.”

Roy spent 35 years of his career with Avnet, Inc. (NYSE: AVT), and he served as Chairman and CEO for 13 of those years. He accelerated the company’s success as an industry consolidator, and was instrumental in the acquisition of 47 companies that increased the company’s geographic reach, scale, scope and shareholder value.

“I’m honored by this appointment to Chair of the 12th District of the Federal Reserve,” said Vallee. “I will strive to uphold the high standards of the Federal Reserve Bank, and work with my colleagues to ensure the private sector is well-represented in all decisions.”


Founded in 2002, Phoenix-based Cardon Development Group (CDG) specializes in imaginative commercial real estate developments that have the ability to transform entire communities. By deploying a disruptive approach to public-private partnerships, CDG works with government entities and municipalities to blend the creativity of private initiatives with the assets and resources of public enterprise. For more information on CDG and the company’s current development projects, visit



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