For both positions, a separate search committee conducted a nationwide search. For the SVP of Human Resources and Inclusion role, the Bank also retained the services of the executive search firm Heidrick & Struggles. After extensive interview processes, the search committees made independent candidate recommendations to the Bank’s board of directors, which ultimately approved the appointments of Garrett and Larson.
Garrett joined the Bank in 1988 and has served in a variety of roles, including most recently as the vice president over Human Resources, Law Enforcement and Facilities. He also previously led various electronic payments efforts. Garrett will be the first person to serve in the newly created role of senior vice president of Human Resources and Inclusion.
“Michael is a collaborative leader and well regarded adviser at the Bank,” said President Neel Kashkari. “He has articulated a compelling vision for attracting and developing a diverse work force and continuing to make the Bank welcoming for all our staff.”
Larson is currently a senior leader in Federal Reserve System IT, having served as the chief administrative officer and, most recently, as leader of End User Services. He is also well known to the Bank, having led the Information Technology (IT) group during much of the 2000s before becoming the senior administrative officer for IT at the Federal Reserve Bank of New York. Larson will be the first person to serve in the newly created position of senior vice president of Information Technology and Risk.
“Matt is an influential Federal Reserve leader who will help the Minneapolis Fed advance our operational and thought leadership goals,” said First Vice President and Chief Operating Officer Ron J. Feldman.
The Federal Reserve Bank of Minneapolis is one of 12 regional Reserve Banks that, with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the nation’s central bank. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. The Federal Reserve Bank of Minneapolis participates in setting national monetary policy, supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.