First Vice President Search

Search Outcome: On Feb. 27, 2024, the Search Committee announced Karen Pennell was selected as the next first vice president and chief operating officer of the Federal Reserve Bank of Boston.


The Federal Reserve Bank of Boston announced on Oct. 2 that First Vice President and Chief Operating Officer Kenneth C. Montgomery plans to retire in spring 2024 after 40 years of service to the Federal Reserve System.

In keeping with U.S. law and the Bank’s bylaws, the Boston Fed’s Board of Directors has formed a search committee consisting of directors who are not members of the banking industry. The committee is conducting a nationwide search with support from the executive search firm Bridge Partners to identify a broad and diverse pool of highly qualified candidates.

After interviewing candidates, the Bank’s Class B and C directors will appoint the new first vice president, subject to approval by the Board of Governors of the Federal Reserve System.

Corey E. Thomas, chairman and CEO of Rapid7 and chair of the Bank’s Board of Directors, will also chair the search committee, which includes Roger Crandall, Lizanne Kindler, Kimberly Sherman Stamler, Lauren A. Smith, and Susan M. Collins.

Search Committee Search Committee

Job Description Job Description

The current version of the First Vice President job description is available in the attached document.

Applications, Inquiries, and Referrals Applications, Inquiries, and Referrals

Applications, inquiries, and referrals are welcome by contacting Bridge Partners executive search.

Frequently Asked Questions Frequently Asked Questions

Mission and Values Mission and Values

Our Values

At the Boston Fed, our mission is to promote a strong, resilient, and inclusive economy and financial system for New England. We strive to do the right things in the right ways and take appropriate risks to achieve our goals.

Here’s what we value:


We always put the public interest first, and partnering with our Bank colleagues, do the right things in the right


We make leadership contributions that advance the Federal Reserve’s mission and significantly impact the System and our communities. We value leadership skills and behaviors across the organization.

Diversity, Equity, and Inclusion

We strive to create a culture of equity and inclusion that values and maximizes the benefits of our diversity of background and perspectives. We believe this encourages the best contributions from all employees and improves our effectiveness.


We invite different perspectives, embrace change, explore and experiment with new ideas, and continually pursue creative ways to accomplish our goals.

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