For immediate release

Contact: Daneil Mazone, Media Relations, 215-574-7163

Philadelphia, PA — The Federal Reserve Bank of Philadelphia today announced the appointment of James D. Narron to first vice president and chief operating officer, effective April 1, 2016. Narron is currently a senior vice president and product manager at the Federal Reserve Bank of San Francisco, where he leads the Federal Reserve System’s Cash Product Office (CPO). The CPO provides standard software and processing tools for all cash processing and vault automation systems nationwide and guides policy, product development, and currency and coin capacity planning for all Federal Reserve cash operations. Narron will succeed D. Blake Prichard who will retire on February 29, 2016, after more than four decades of service to the Federal Reserve System.

The appointment was approved by eligible members of the Philadelphia Fed’s board of directors, all nonbankers by law, as well as by the Board of Governors of the Federal Reserve System in Washington, D.C.

“We identified an excellent and diverse pool of candidates whose background, experience, and management style was impressive, and we were pleased when Jim Narron emerged as the best person to serve as the next first vice president. He has a strong track record of success as a Federal Reserve System leader and a solid reputation for developing talent and building high-performance teams,” said Michael J. Angelakis, chairman of the Philadelphia Fed’s board of directors.

“Jim’s commitment and leadership is well regarded throughout the Federal Reserve System. He brings his deep knowledge of the payments business to this role. I am looking forward to working with Jim as my strategic partner to advance the work of the Philadelphia Fed in this dynamic environment,” said Patrick T. Harker, Philadelphia Fed president and chief executive officer.

Narron joined the Federal Reserve Bank of New York as senior vice president. During his tenure from 2003 to 2013, he led the Federal Reserve’s largest cash operation and the Federal Reserve’s Fedwire Securities Service, a $50 million business for settling U.S. Treasury and agency securities.

Before joining the New York Fed, Narron worked at the Federal Reserve Bank of Kansas City and the Board of Governors in Washington, D.C. He also worked at Productivity Systems International, a consulting firm specializing in projects for central banks.

Narron speaks Spanish and has published a number of articles for the New York Fed’s Liberty Street Economics blog. He is the chair of the board of directors of the Keep A Breast Foundation and previously served on the board of the Maura Clarke and Ita Ford Center in New York.

Narron has a master’s degree in international business administration from the University of South Carolina and a bachelor’s degree in finance and economics from Rockhurst University in Kanas City, MO.

The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.