Stephen Schley, a Bangor resident and president of Pingree Associates Inc., a Bangor timber company, was elected chairman of the Maine Development Foundation’s board of directors at its annual meeting on Sept. 8.

The Maine Development Foundation is a private, nonprofit corporation that promotes sustainable, long-term economic growth in the state. The Maine Development Foundation’s board of directors comprises 15 businesspeople, educators, government officials and community leaders who are elected each year from among the 300 members.

Schley assumes the chairmanship from Larry Shaw, president and CEO of Maine Mutual Group Insurance.

A native of Columbus, Ga., Schley graduated from Vanderbilt University in Nashville, Tenn., in 1983. He has been a resident of Maine for 21 years, and has lived in Bangor for six years.

He and his wife, Lizabeth, have two children, Stephen and Mary Grace, who attend Bangor High School.