Board chair of Federal Reserve Bank in Richmond is named as Fed’s new chief information officer

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Print this page By Paula C. Squires

The Federal Reserve Bank of Richmond has appointed Margaret E. “Lyn” McDermid, the current chairman of the bank’s board of directors, as the Federal Reserve System’s new chief information officer.

She assumes the position on Feb. 1, 2013, and will leave the board before that time, according to Jim Strader, a spokesman for Richmond’s Federal Reserve Bank. McDermid was appointed to the board in 2007 and became chairman in 2011. She was reappointed as chairman in 2012 by the Board of Governors of the Federal Reserve System in Washington, D.C. Chairman appointments are made on an annual basis. 

In her new job, McDermid will oversee national information technology for the Federal Reserve System. She succeeds Lon Zanetta, who is retiring. McDermid comes to the Fed from Dominion Resources, a Richmond-based Fortune 500 energy company, where she most recently served as senior vice president and chief information officer over a career of more than 30 years.

McDermid joined what is now Dominion Virginia Power in 1982. After holding various positions in the Engineering & Construction Department, she was named director-Administrative Services in 1986. She was promoted to vice president-information technology and chief information officer in 1998, and was named to her current position in 2001. In acknowledging McDermid’s contributions to Dominion, the company’s chairman, president and CEO Thomas F. Farrell II said: “We have been extremely fortunate to have Lyn as part of our organization. We wish her all the best as she moves into a critical role serving the interests of our nation. Dominion’s loss is the country’s gain.”

Jeff Lacker, president of the Federal Reserve Bank of Richmond, said in a statement that “Lyn is an outstanding IT leader in a dynamic, highly regulated industry that is focused on service reliability, innovation and security. Her experience is great preparation for leading national IT services for our nation’s central bank, where world-class information technology is essential to all aspects of our mission,”

In his statement, Lacker noted McDermid’s experience as chair of the Richmond Fed’s Board of Directors, saying “she “is very familiar with the bank, the Federal Reserve system, and the diverse range of Fed operations that depend on IT. Lyn is a great match for this critical role and will get off to an excellent start.”

McDermid chairs the board of trustees of Mary Baldwin College and is chair of the board of directors of Richmond’s technology council, RichTech. She was named to Computerworld’s list of Premier 100 IT Leaders for 2004, received the 2008 Executive Women in Business Achievement Award and was recognized as one of the Richmond YWCA’s 2010 Outstanding Women. 


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