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Story Archives: Jindal appoints Wood to tobacco settlement board


Jindal appoints Wood to tobacco settlement board
posted Friday, May 7th, 2010 @ 10:17 pmE-mail Story E-mail Story | Print Story Print Story 
Gov. Bobby Jindal appointed Russell "Rusty" Wood of West Monroe to the Tobacco Settlement Financing Corporation Board.

Jindal announced Wood's appointment Friday.

Under the Master Settlement Agreement of 1998 between cigarette manufacturers and 46 states, including Louisiana, and other U.S. jurisdictions, seven tobacco companies agreed to pay the settling states an estimated $206 billion. The Tobacco Settlement Financing Corporation Board serves to purchase, finance and manage the tobacco assets resulting from the Master Settlement Agreement.

According to state statute, the board is comprised of 13 members, including the governor, the state treasurer, the attorney general, the president of the state Senate, the speaker of the state House of Representatives or their designees. The remaining eight members are gubernatorial appointments, subject to Senate confirmation. One member each is appointed from the seven congressional districts and one member will serve as an at-large member.

Wood is a retired president of Chase Bank in Monroe. Wood will serve as an at-large member, as required by state statute.
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