SAN FRANCISCO – The Federal Reserve Bank of San Francisco’s board of directors today announced the search for the Bank’s first vice president and chief operating officer. The incumbent, Mark A. Gould, was recently named the Federal Reserve System’s first chief payments executive.
The first vice president and chief operating officer is integral to the Bank’s pursuit of its vision to be a premier public service organization, and its commitment to reflect and serve every person and community across the Twelfth District.
As the second-ranking officer of the Federal Reserve Bank of San Francisco, the first vice president and chief operating officer not only oversees the Bank’s operations and risk management, but also helps design and execute the strategic direction of the organization while fostering an inclusive and empowering environment where employees can do their best work. View the full position description (PDF, 1.4 mb).
A search committee comprising three members of the Bank’s head office board of directors has been formed to lead the search. In keeping with the Federal Reserve Act, only Class B and Class C directors – those unaffiliated with regulated banks or financial institutions – are eligible to participate in the selection of a Federal Reserve Bank first vice president.
The members of the board’s search committee are:
- Rosemary Turner, retired president of UPS Northern California. Turner chairs the Bank’s head office board and will also serve as the search committee chair;
- Tamara Lundgren, chairman and CEO of Schnitzer Steel Industries, Inc.; and,
- David White, national executive director and chief negotiator of SAG-AFTRA.
“The San Francisco Fed’s first vice president and chief operating officer is essential to advancing the Bank’s mission and strategic priorities,” said Ms. Turner. “Working closely with President Daly, the search committee and I look forward to conducting an inclusive search that identifies the best and most qualified person for the role from a diverse candidate pool.”
Mary C. Daly, president and chief executive officer of the Federal Reserve Bank of San Francisco, added, “Mark Gould was our outstanding first vice president and chief operating officer for the last seven years, cutting through red tape, driving innovation, and leading our evolution to become a people-first organization that empowers our employees. We are excited to search for our next first vice president and chief operating officer who will help us strengthen our position as a community-engaged Bank ready to meet the challenges of a dynamic future.”
The search committee has retained Diversified Search, the largest female-owned and founded firm in the search industry. Diversified Search has offices across the U.S. and is part of an international alliance of independent executive search firms that spans 36 countries. Diversified Search will help the board search committee conduct an extensive search for the next first vice president and chief operating officer of the Federal Reserve Bank of San Francisco.
There is no set timeline for completing the search. The search committee will continue to field, vet, and interview qualified candidates until it has identified the best person for the job. The final candidate will then be appointed by the Class B and Class C directors in concurrence with the Federal Reserve Board of Governors.
For questions about this role and the application process, contact Diversified Search via email at frb.sf.fvp@divsearch.com.
This was originally published on April 15 and updated on May 19 to include the first vice president and chief operating officer position description.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.