CHICAGO - Marcus Alexis, a former chairman of the Federal Reserve Bank of Chicago and a Northwestern University professor, has died. He was 77.

Alexis died May 27 of complications from surgery, Northwestern said.

Alexis joined Northwestern's faculty in 1970. He taught a variety of topics and also held several posts at the Kellogg School of Management. At the time of his death, he was professor emeritus of management and strategy.

He was appointed a director of the Federal Reserve Bank in 1985. After serving as deputy chairman for four years, he was named chairman in 1990. He also was a member of the Interstate Commerce Commission in the Carter administration.

From 1985 to 1991, Alexis had left Northwestern to serve as dean of the business college at the University of Illinois at Chicago.