Had Been First Vice President, COO Since July 2015
September 24, 2020
The Federal Reserve Bank of New York announced that Michael Strine, 54, first vice president and chief operating officer, will retire from the New York Fed on Feb. 28, 2021, when he completes his current term. Strine is the second ranking officer in the bank and a member of the bank’s executive committee, as well as an alternate voting member of the Federal Open Market Committee.
To facilitate an orderly transition, Strine will relinquish his day-to-day responsibilities on Nov. 10, but will remain available to assist. Beginning on Nov. 11, Helen Mucciolo, executive vice president and head of the New York Fed’s Corporate Group, will assume the role of acting first vice president and chief operations officer until a replacement is in place.
Strine was appointed first vice president of the New York Fed by its board of directors in July of 2015. Prior to that, Strine was executive vice president and head of the bank’s corporate group. In that role, he oversaw the bank’s financial management, business continuity, investment review, real estate, data, procurement and other general support functions.
As first vice president, Strine was responsible for monitoring the New York Fed’s financial and operational performance, promoting a strong risk management and control culture and ensuring that the Bank has strong leadership, effective succession planning and a diverse workforce. He has led and served on several key Federal Reserve System committees that govern technology, human resources, enterprise risk management, policies and payments infrastructure.
“Michael has significantly strengthened the Bank’s operational capabilities, strategic planning, resourcing, prioritization and evaluation processes and made the institution more resilient to a range of challenges, including in the cyber realm, which has allowed us to better meet our objectives in support our mission,” said John C. Williams, president and CEO of the New York Fed.
The eligible members of the New York Fed’s Board of Directors will immediately begin the search for Mr. Strine’s successor.