Alphabet Inc. appointed former Federal Reserve Board vice chairman and tech expert Roger W. Ferguson Jr. to its board, where he will serve on its audit committee.

He will succeed L. John Doerr, who resigned from the audit panel, according to a regulatory filing.

Alphabet, parent company of Google, will give Mr. Ferguson an initial restricted stock award of roughly $1 million, as well the company's standard annual stock award of $350,000 and a $75,000 annual cash retainer.

Mr. Ferguson, who served as vice chairman of the Fed's board of governors from 1999 to 2006, was the first African-American vice chairman of the Fed. Mr. Ferguson, who was appointed to the Fed in November 1997, gained a reputation as a master of the institution's plumbing. A former partner at the consulting firm of McKinsey & Co., where he managed investment in information-technology systems, he has worked to improve the Fed's payment system and prepare the institution so it isn't hobbled by Y2K computer problems.

Mr. Ferguson currently is chief executive of financial-services company TIAA, which he joined in April 2008. His previous experience also includes serving as the head of financial services for Swiss Re and as chairman of the insurer's America Holding Corp. arm.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

June 29, 2016 10:55 ET (14:55 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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