Kenneth C. Montgomery, the No. 2 executive at the Federal Reserve Bank of Boston, will retire in the spring after 40 years with the Federal Reserve System.
Montgomery, the Boston Fed’s first vice president and chief operating officer, most recently led the development and launch in July of the FedNow Service, a real-time national payments system. He also served as interim president of the bank from October 2021 through June 2022 following the retirement of Eric Rosengren.
“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 Susan M. Collins.
Mandatory retirement age for Fed presidents and first vice presidents who are appointed before the age of 55 is 65. Montgomery will turn 65 in the spring.
Montgomery started at the Fed in New York in 1983. He’s been in his current job since 2011, after working as executive vice president and Federal Reserve System chief technology officer based at the Richmond Fed.
The Boston Fed’s board has formed a committee to search for Montgomery’s replacement and hired executive search firm Bridge Partners to assist.