Two new directors-at-large.

• Position: NBER News

The NBER'S Board of Directors elected two new at-large members at its September 8 meeting: Mohamed El-Erian and John S. Reed. El-Erian is CEO of PIMCO, the world's largest bond investor; he previously worked as the investment manager of Harvard University's endowment fund. Before moving to the private sector, El-Erian spent 15 years at the International Monetary Fund. He holds a Ph.D. in Economics from Oxford University.

Reed is the former chairman and CEO of Citicorp and Citibank. He also served as chairman of the New York Stock Exchange from September 2003 until April 2005. He holds a Master of Science degree from MIT'S Sloan School.

These two new directors fill an open slot and replace Roger W. Ferguson, Jr., who resigned as a director after becoming CEO of...