Central bank taps new COO

Patrick J. McClanahan is the Federal Reserve’s next chief operating officer (COO), effective April 29, succeeding long-time federal government worker and executive Don Hammond, who retired earlier this year. The Fed made the announcement late last week.

The Fed said McClanahan – who last worked at the Fed from 2014-16 as deputy director and controller in the Fed’s division of financial management – will be responsible for operation of the agency’s administrative and financial management functions, technology services, short- and long-term strategic planning, and data management.

His most recent position was vice president of people operations at Gannett. He also served for more than 20 years as a U.S. Navy officer, working at the Department of Defense, the Department of the Navy, and the Joint Chiefs of Staff, among other duties, the Fed said.

McClanahan holds a BBA in accounting from the University of Notre Dame, an MS from National Defense University, and an MBA from the Wharton School at the University of Pennsylvania.

Hammond had been COO since 2012; he retired after 35 years of federal government service.

Federal Reserve Board appoints Patrick J. McClanahan as chief operating officer