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Richmond Fed names McKinsey exec Thomas Barkin as new president

Thomas Barkin, a top executive at consulting firm McKinsey & Co., will be the new president and CEO of the Federal Reserve Bank of Richmond, the bank announced Dec. 4.

Barkin, who is chief risk officer at McKinsey and was formerly its CFO, will be a voting member next year at the Federal Open Market Committee. Margaret Lewis, who chairs the Richmond Fed's board of directors and led the search committee, said in a news release that the bank was "fortunate to have found an extremely well-qualified individual" for the role.

"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," Lewis said.

Barkin, who is based in Atlanta, was formerly the chair of the Federal Reserve Bank of Atlanta's board of directors.

He will assume the new role Jan. 1, 2018, and will replace former Richmond Fed president Jeffrey Lacker, who resigned in April after acknowledging that he shared confidential information with an outside analyst in 2012.

Barkin's name popped up in news reports this year, after McKinsey apologized for its work with a South African company that was facing corruption allegations. Barkin said at the time that McKinsey was embarrassed by its failings, according to a Financial Times news article.