Fed Chairman Terms

I was under the impression that the members of the Federal Reserve Board were appointed for 14 year terms and that only 1 term could be served. How is it that Greenspan has served since 1987?

Was he a replacement for another member and then his 14 year term started at some other point in time?

How does this appointment process work?

I think the terms are for 4 yrs rather than 14 yrs. This link provided a story saying that Bush wants him for a 5th term, and he has been serving since Aug of '87 (which would lead me to believe he started in the middle of someone elses - namely Paul Volker). His current term runs through 6/20/04.

http://www.foxnews.com/story/0,2933,84817,00.html

According to the Fed’s website,

So Board members (including Greenspan) serve on the board for 14 year terms, but the chairman is chosen for only four years.