Federal Reserve Bank of New York Launches Search for Chief Diversity Officer

This new role for the largest and most prominent bank in the Federal Reserve System is expected to help transform the organization and its culture. The job is a challenge that calls for the skills of a financial services professional and the intelligence of an academic – with an underlying passion for diversity. Hanold Associates has the assignment. Let’s go inside the search!

May 29, 2020 – To meet the needs of an increasingly diverse society, many organizations have developed executive positions to guide their diversity agendas. Chief diversity officers have responsibility for guiding efforts to conceptualize, define, assess, nurture and cultivate diversity. Duties may include affirmative action and equal employment opportunity, or the constituent needs of minorities, women and other social identity groups.

Surprisingly, just 20 percent of Fortune 500 companies now employ diversity officers. But according to executive search consultants who specialize in recruiting them, more and more top companies are seeking these key C-suite leaders.

The latest: The Federal Reserve Bank of New York has retained Chicago-based Hanold Associates to lead its search for the organization’s first chief diversity, equity and inclusion officer. Keri Gavin, Sandra Peña, Jason Hanold and Katrina Prospero are leading the assignment.

“We are honored to serve an organization that is playing such a vital role in our economy and collective well-being, while searching for such a critical role,” said Mr. Hanold. “In partnering with CHRO Lacey Dingman, this leader will be crucial in helping to transform the organization, and in influencing the equity and inclusion in the Federal Reserve Bank of New York’s evolving culture.”

The chief diversity, equity and inclusion officer is a newly created, mission-critical role in the Federal Reserve Bank of NY. The role involves oversight of all diversity, equity and inclusion (DE&I) programs throughout the bank, the largest in the Federal Reserve System. Reporting directly to the CHRO and co-chair of the Pandemic Crisis Response Committee, Lacey Dingman, this leader will serve as a key member of the HR leadership team tasked with developing, implementing and continually advancing the bank’s DE&I programs, along with responsibility for the Office of Minority and Women Inclusion Annual Report to the U.S. Congress.

“Working at the Federal Reserve Bank of New York positions you at the center of the financial world with a unique perspective on national and international markets and economies,” Mr. Hanold said. “You will work in an environment with a diverse group of experienced professionals to foster and support the safety, soundness, and vitality of our economic and financial systems. It is a challenge that demands the skills of a financial service professional and the intelligence of an academic—all combined with a passion for public service.”

The Position

In this new role, the incoming executive will prepare leaders throughout the bank, including the executive leadership team, to ensure the organization demonstrates its understanding and commitment to DE&I and that it conveys consistent communications on the value of inclusion, diversity and equity within.

Related: Spencer Stuart and Bridge Partners Land New Leader for Federal Reserve Bank of New York

This executive will “re-scope DE&I to benefit the entire organization by transitioning the function from a specific group/team focus to a comprehensive approach that is embedded across the entire organization,” Hanold Associates said. “They will foster a culture of belonging and inclusivity, changing how work gets done and is rewarded, ensuring that communications related to goals and progress highlight the organizational wide benefits.”

“As chief diversity, equity and inclusion officer, you will bring the capacity to lead change by informing, influencing and inspiring others, with passion and values focused on people, inclusion, engagement and culture,” said the search firm. “You are a non-traditional leader, who can drive transformation and change, and unlock balanced leadership to accelerate performance throughout the organization. The ability to build relationships and influence across multiple groups throughout the bank is essential, as is thinking outside the box to develop innovative and nontraditional DE&I programs.”

Hanold Associates is looking for candidates who have a proven track record of driving organizational culture change, and leading others to understand, commit to and consistently communicate the value of inclusion, diversity, belonging and equity. The right executive will possess a passion for and a commitment to DE&I with experience in developing and implementing unique and nontraditional DE&I strategies. In addition, they should have strong collaboration skills, a focus on positive intent and an interest in ensuring strong relationships. An ability to partner effectively with others in the pursuit of common goals is also essential.

Related: Diversified Search Places CEO at Federal Reserve Bank of San Francisco

The Federal Reserve Bank of New York has about 3,100 employees. Most work in the headquarters in the Manhattan financial district at 33 Liberty Street, occupying a full city block. As the Central Bank of the United States, the Federal Reserve Bank of New York is part of the Federal Reserve System. It is responsible for conducting research, creating and implementing monetary policy, supervising institutions, providing currency as well as serving and financing the U.S. government’s operations.

Diversity & Inclusion-Focused Recruiters

Hanold Associates is a boutique executive search firm focused on HR and diversity and inclusion officers. Mr. Hanold founded the firm a decade ago. Its client list includes a blue chip roster of top organizations, among them: the National Football League, Domino’s Pizza, Under Armour, Patagonia, Gucci, Kohler, REI, Live Nation Entertainment, Dick’s Sporting Goods, McDonald’s, Major League Baseball, Kellogg, Apollo, Blackstone, TPG, L Catterton, Northwestern University, Federal Reserve Bank of New York, Electronic Arts, Fiat-Chrysler, Kohler, SC Johnson, eBay, Moderna, Hillrom, Great Place To Work, Fossil, Vail Resorts, Edward Jones, AbbVie, Carnival Corp., Google, Biogen, Allstate, Bridgestone, Wikimedia, CNA Insurance, Cummins, Tyson, ClubCorp, CDW, Nike, Robert F. Kennedy Human Rights, and Ford Motor Company.

Hanold Associates Recruits Head of Diversity for Gucci
Hanold Associates has recruited Renée Tirado as the global head of diversity, equity and inclusion at Gucci. Hunt Scanlon Media first reported the onset of the search last March, as the hunt for diversity chiefs intensified.

“We had a very collaborative, determined and decisive client in Gucci,” said Mr. Hanold. “We were able to offer candidates the option of starting in either Milan or New York, and the opportunity for global impact was very attractive to a strong slate of contenders. Gucci’s leadership played a hands-on role in helping to drive the search through their transparency and authenticity.”

Ms. Gavin, a partner with the search firm, focuses on all functional areas of HR and diversity and inclusion. Prior to joining Hanold Associates, she was director of host relations and consulting for Ragan Communications. Before Ragan, Ms. Gavin was a television anchor and reporter in Des Moines, IA.

Ms. Peña, a partner at the firm, focuses on the recruitment of human resource professionals across industries including learning and development, talent management, HRBP, total rewards, talent acquisition, organizational development, and diversity and inclusion. Prior to joining Hanold Associates, she was an executive recruiter for Korn Ferry where she specialized in the recruitment of chief financial officers and finance executives.

Ms. Prospero is a partner with Hanold Associates where she focuses on the recruitment of human resources professionals across industries including learning and development, talent management, HRBP, total rewards, talent acquisition, organizational development and diversity and inclusion. Prior to joining the firm, she was an executive recruiter for Ajilon Professional Staffing.

Related: Korn Ferry Places President at the Federal Reserve Bank of Philadelphia

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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