Richmond Fed Appoints Thomas I. Barkin as Next President
December 4, 2017, Richmond, VA—The Federal Reserve Bank of Richmond announced that Thomas (Tom) I. Barkin will become the organization’s eighth president and chief executive officer on January 1, 2018.
“We are fortunate to have found an extremely well-qualified individual to serve the Federal Reserve’s Fifth District and the American people,” said Margaret Lewis, chair of the Richmond Fed’s search committee and the Bank’s board of directors. Lewis is the former president of HCA’s Capital Division.
Barkin was appointed by the Bank’s eligible directors, an action approved by the Federal Reserve’s Board of Governors. During the nationwide search process, more than 700 candidates and candidate sources were identified, resulting in a broad and diverse candidate pool.
Currently, Barkin is a senior partner and the chief risk officer at McKinsey & Company, a worldwide management consulting firm, and previously served as the organization’s chief financial officer. Barkin has overseen McKinsey’s offices in the southern United States, led multiple functional areas and provided strategic counsel to a diverse portfolio of clients. “He has unique insights on many industries that drive our nation’s economy and employ millions of Americans—as well as a well-informed perspective on issues facing the Federal Reserve and our nation,” noted Lewis.
Barkin also served on the board of directors for the Federal Reserve Bank of Atlanta from 2009 to 2014, chairing the Bank’s board from 2013 to 2014.
“In addition to his strategic leadership at McKinsey and his service to the Atlanta Fed, Tom has a legacy of promoting diversity and inclusion. He has a demonstrated ability to attract, develop and retain a diverse workforce, as well as achieve a diverse and inclusive workplace,” said Lewis.
“Tom’s exceptional academic credentials, his analytical and research-based thought leadership, combined with his understanding of the Federal Reserve System, were important considerations for this key leadership role,” commented Lewis. “He also has experience in leading the information technology efforts at McKinsey—critical given the Richmond Fed’s responsibilities for the System’s national technology efforts.”
“I am honored to lead the Richmond Fed and its dedicated team,” said Barkin. “I deeply support the central bank’s public service mission, and I’m looking forward to leading and contributing to the important work that lies ahead. I also plan to be heavily engaged across the Fifth District to learn more about the challenges and opportunities facing our communities and bringing these perspectives forward as part of my monetary policy considerations and contributions.”
Barkin, 56, earned his undergraduate, MBA and law degrees from Harvard University. He currently serves on the executive committee of the Metro Atlanta Chamber of Commerce, as well as the Emory University Board of Trustees. He is married with two children.
Barkin succeeds Jeffrey M. Lacker, who retired earlier in 2017.