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the Richmond Fed

May 14, 2019

Richmond Fed’s McDermid to Retire in 2020

The Federal Reserve Bank of Richmond announced that Margaret E. “Lyn” McDermid, the Federal Reserve System’s chief information officer, will retire in April 2020. McDermid joined the Federal Reserve and has served in this role since February 2013. Previously, McDermid served as senior vice president and chief information officer at Dominion Energy, a Richmond-based Fortune 500 energy company.

A search committee has been formed to select a new chief information officer for the Federal Reserve System. The search firm, Heidrick & Struggles, has been hired to assist in conducting the nationwide search for a broad, diverse and highly qualified candidate pool. Qualified candidates can learn more by viewing the job description.

“With more than 25 years of IT experience, Lyn McDermid has an exceptional leadership record and deep knowledge of the changing information technology landscape,” said Tom Barkin, president and chief executive officer of the Richmond Fed. “She has been instrumental in ensuring the Federal Reserve delivers reliable and secure solutions that meet the evolving business demands of the Fed, financial customers and government partners. I have deeply appreciated Lyn’s counsel, expertise and commitment to our organization.”

As part of our nation’s central bank, the Richmond Fed is one of 12 regional Reserve Banks working together with the Board of Governors to support a healthy economy and deliver on our mission to foster economic stability and strength. We connect with community and business leaders across the Fifth Federal Reserve District — including the Carolinas, District of Columbia, Maryland, Virginia, and most of West Virginia — to monitor economic conditions, address issues facing our communities, and share this information with monetary and financial policymakers. We also work with banks to ensure they are operating safely and soundly, supply financial institutions with currency that’s fit for distribution, and provide a safe and efficient way to transfer funds through our nation’s payments system.


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