Richmond Fed Names New First Vice President

		Sally Green has been named first vice president and chief operating officer of the Federal Reserve Bank of Richmond, and will oversee the financial services and support areas of the Fifth District operations as of Aug. 1. Green is executive vice president of the Boston Fed. (PRNewsFoto/Federal Reserve Bank of Richmond,FRB-Richmond) RICHMOND, VA UNITED STATES

RICHMOND, Va., May 9 /PRNewswire/ -- Sally Green has been named first vice president and chief operating officer of the Federal Reserve Bank of Richmond, and will oversee the financial services and support areas of the Fifth District operations as of Aug. 1. In this role, Green will work with the Bank's leadership in setting the strategic vision, direction and business objectives, and work with other first vice presidents to establish vision, direction and policy for the Federal Reserve System. (Photo: http://www.newscom.com/cgi-bin/prnh/20060509/DCTU052 ) Employed by the Federal Reserve Bank of Boston since 1978, Green is executive vice president responsible for payments, technology, and resource planning and management areas. She has extensive experience in managing financial services and products at a national level and is a recognized expert in quality management within the Federal Reserve and in the business community at large. Green is a longstanding leader at the Center for Quality of Management (CQM) in Cambridge, Mass., and received the 2002 CQM Thomas Lee Meritorious Service Award. Richmond Fed President Jeffrey M. Lacker, who made the announcement today, described Green as a "strong and insightful leader." Lacker said, "Sally has been very effective in key leadership positions in the Boston Fed and the Federal Reserve System. She encourages innovation and improvement, and has brought customer-focus disciplines to her Bank's operational areas." Lacker, who has worked with Green on several System projects, added, "I have known Sally for years, and when it comes to discussion of the Richmond Fed's future, we are well-aligned in our vision for the Bank's success." Green succeeds Walter Varvel, who announced in February his plans to retire after 11 years as the Richmond Fed's first vice president and 31 years with the Federal Reserve. "I have worked closely with Sally for 20 years and have great admiration and respect for her many talents, leadership and enthusiasm," said Varvel. "Sally and Jeff will be great partners in leading our management team and staff. I feel really good about leaving the Bank in such good hands." Cathy E. Minehan, president and chief executive officer of the Federal Reserve Bank of Boston, said, "All of us in Boston are proud that one of our own has been tapped for such an important position. We will miss Sally's energy, insight and abilities but at the same time we are happy that the Richmond Fed and the System as a whole will continue to benefit from her contributions and leadership." A longtime Boston resident, Green received her economics degree from Mount Holyoke College, South Hadley, Mass., and a master of business administration from the MIT Sloan School of Management in Boston. Active in community work throughout her career, Green is chair-elect of the Board of Overseers of the Boys and Girls Clubs of Boston and has been vice chair of the United Way Women's Leadership Breakfasts for the past five years. Green and her husband Bill have two daughters, Amanda and Devin. The Federal Reserve Bank of Richmond is one of 12 District Reserve Banks that together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Richmond Fed serves the Fifth Federal Reserve District, which encompasses the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. For more information about the Richmond Fed, see http://www.richmondfed.org.