The Federal Reserve Bank of Boston has announced that Karen Pennell will be its new first vice president and chief operating officer, effective in April. Pennell has more than three decades of organizational leadership experience and will succeed Kenneth Montgomery, who is retiring after four decades of service to the Federal Reserve system.
Pennell has worked within the Kansas City Federal Reserve Bank in areas including financial services customer support, IT support and strategy and technology transitions. Most recently, she served in the federal government’s national IT function where she was in charge of client services and focused on technology needs for different departments within the Federal Reserve system.
The FVP and COO is the bank’s second-ranking officer and an advisor to the president and CEO. In her new role, Pennell will lead the bank’s contributions and performance in operational, technological, financial, risk management, workforce and support areas.
