BOSTON – The Federal Reserve Bank of Boston announced that first vice president and chief operating officer Kenneth C. Montgomery plans to retire in the spring, after 40 years of service to the Federal Reserve System. With the announcement, the Bank is launching a national search for its next first vice president and chief operating officer (COO).

Montgomery's plans align with Federal Reserve rules regarding mandatory retirement for presidents and first vice presidents. The first vice president and COO is the Reserve Bank's second-ranking officer, and vice chair of the Bank's Executive Committee.

Four Decades of Service

"Ken set a standard with his dedication to excellence and innovation in the Federal Reserve System; his service within the civic community; and his leadership in finance, payments, technology, and operations," said Boston Fed President and CEO Susan M. Collins. "The role of first vice president and COO represents a tremendous opportunity to build on that foundation, and advance the Fed's contributions to a vibrant economy and financial system."

Recently, Montgomery led the development and successful launch of the FedNow^® Service, a real-time national payments system and the first new payments platform developed by the Fed in nearly 50 years. He also directs many national financial management activities for the Federal Reserve System, leading its Financial Support Office. He also served as interim president and CEO of the Bank from October 2021 through June 2022.

Montgomery's recent board and committee roles include the Greater Boston Chamber of Commerce, the Boston Private Industry Council, the Boston Municipal Research Bureau, the Advanced Cyber Security Center, and the Massachusetts Cyber Security Council. He is also former chair, and current member, of the Fed's Conference of First Vice Presidents.

Montgomery began his Federal Reserve career in New York, in 1983. He has served as first vice president and COO at the Boston Federal Reserve Bank since 2011, after working as executive vice president and Federal Reserve System chief technology officer, based at the Richmond Fed.

National Search Launched

The Boston Fed's Board of Directors has formed a committee to lead the search for the next first vice president and COO. The search committee is led by board chair Corey Thomas (Rapid7) and includes Roger Crandall (Mass. Mutual Life Insurance Co.), Lizanne Kindler (KnitWell Group), Kimberly Sherman Stamler (Related Beal), Lauren A. Smith (The CDC Foundation), and Boston Fed CEO Susan M. Collins, to whom the first vice president and COO will report.

The search committee has retained executive search firm Bridge Partners to assist; the full description of the position can be found on their website. Applications, inquiries, and referrals are welcome, using the contact emails for Bridge principals found in the description.

"Ken's impact at the Federal Reserve extends far beyond Boston, and that's because of his commitment to progress – and ability to deliver it – wherever he's been," said board chair Corey Thomas of Rapid7. "His work inspires the search committee to find an exceptional leader to carry on the critical role of Reserve Bank first vice president and COO."

More information about the position and the search is available on the Bank's website under First Vice President Search.

About the Boston Fed

The Boston Federal Reserve Bank, one of 12 regional reserve banks, serves the First Federal Reserve District, which includes all of New England except Fairfield County, Connecticut. The Bank monitors local and national economic conditions to aid in the formulation of monetary policy, engages in outreach to promote economic growth and community revitalization, supervises banks and bank holding companies, and provides financial services to facilitate banking operations.

One can learn more about the Boston Fed on the Bank's website at About the Boston Fed.