SAN FRANCISCO – The board of directors of the Federal Reserve Bank of San Francisco has appointed Sarah Devany first vice president and chief operating officer, effective Dec. 1. Devany’s appointment, which was approved by the Board of Governors of the Federal Reserve System, makes her the number two ranking officer of the San Francisco Fed.
Devany brings more than 25 years of experience in operations, strategic planning, and executive leadership to the San Francisco Fed. In her capacity as first vice president and COO, Devany will oversee the Bank’s operations and risk management functions, as well as help design and execute the strategic direction of the organization while fostering an inclusive and empowering environment where employees can do their best work.
Devany’s appointment is the culmination of a nationwide search that began in April and was conducted by a three-person search committee composed of members of the San Francisco Fed’s head office board of directors. The search committee was led by board chair Rosemary Turner, retired president of UPS Northern California, and included board deputy chair Tamara Lundgren, chairman and CEO of Schnitzer Steel Industries, Inc., and David White, national executive director and chief negotiator of SAG-AFTRA. In keeping with the Federal Reserve Act, only Class B and Class C directors – those unaffiliated with regulated banks or financial institutions – are eligible to participate in the selection of a Federal Reserve Bank first vice president. The search committee was assisted by Diversified Search, the largest female-owned and founded firm in the executive search industry.
“Finding the absolute best person for this important role at the San Francisco Fed from a diverse pool of qualified candidates was our search committee’s top priority,” said Rosemary Turner. “After an extensive six-month search inside the Federal Reserve System and across multiple business sectors, nonprofit and community organizations, I’m pleased to say we succeeded in our efforts with the selection of Sarah Devany as the Bank’s new first vice president and chief operating officer. Her depth of operational experience and demonstrated leadership abilities make her the ideal fit for this role and a tremendous addition to the Bank’s executive leadership team.”
San Francisco Fed President and Chief Executive Officer Mary C. Daly added, “I’m thrilled to have Sarah Devany join our Bank in this important role. It’s clear from her successful track record in leading high-performance teams that she’s as committed to developing people and helping them reach their full potential as I am. Sarah will be a fantastic partner to me in leading the San Francisco Fed and a great addition to our people-first organization.”
“I’m truly excited to be joining the San Francisco Fed and to become part of its incredible work,” said Sarah Devany. “I look forward to getting to know my new Fed colleagues all over the Twelfth District and working with them to further the Bank’s goal of being a leader in public service and community engagement.”
Prior to accepting her new role at the San Francisco Fed, Devany served as president of TIAA Kaspick where she was responsible for developing and overseeing the execution of firm’s strategy. She became president of TIAA Kaspick after serving as chief operating officer for nine years. Before joining TIAA Kaspick, Devany led service and operations organizations and managed a number of large infrastructure projects and firmwide initiatives for Charles Schwab & Co., Inc. She holds a bachelor’s degree in English from the University of California, Berkeley.
The Federal Reserve Bank of San Francisco (SF Fed) serves the public by promoting a healthy, sustainable economy, and supporting the nation’s financial and payment systems. With offices in Los Angeles, Seattle, Salt Lake City, Portland and Phoenix, the Bank serves the Twelfth Federal Reserve District, which includes one-fifth of the nation’s population and represents the world’s fourth-largest economy. As part of the nation’s central bank, the SF Fed informs monetary policy, regulates banks, administers certain consumer protection laws and acts as a financial partner to the U.S. government.