Boston Fed's First Vice President and COO Ken Montgomery. Photo courtesy of Federal Reserve Bank of Boston.
Kenneth C. Montgomery, the first vice president and chief operating officer of the Federal Reserve Bank of Boston, is set to retire in the spring after 40 years. Now the bank is launching a national search for a replacement.
The Boston Fed said Montgomery’s plans align with the Federal Reserve rules on mandatory retirement for presidents and first vice presidents. Montgomery is the Reserve Bank’s second-ranking officer, and vice chair of the bank’s executive committee.
The Boston Fed’s board of directors formed a committee to lead the search for Montgomery’s replacement. The search committee is led by board chair Corey Thomas of Rapid7 and has retained executive search firm Bridge Partners to assist.
“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,” Thomas said in a statement. “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.”
Montgomery led the development and successful launch of the FedNow over the last four years. FedNow is a real-time national payments system that launched this summer and which some think could offer small banks and credit unions a major competitive advantage.
He also directs many national financial management activities for the Fed system, leading its Financial Support Office. He also served as interim president and CEO of the Boston Fed from October 2021 through June 2022 between former Boston Fed President Eric Rosengren’s resignation and the selection of his replacement, current Boston Fed President Susan Collins.
“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,” Collins said in a statement. “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.”
Montgomery started working with the Fed in New York in 1983, but served the Boston Fed as first vice president and COO since 2011 after working as executive vice president and Federal Reserve System chief technology officer based at the Richmond Fed.
His 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 a current member, of the Fed’s Conference of First Vice Presidents.
