No. 2176

FOR RELEASE: Tuesday, March 24, 1998

NEW YORK FED NAMES TWO SENIOR VPs, THREE VPs, AND FOUR AVPs

NEW YORK -- The Federal Reserve Bank of New York today announced that its board of directors has approved the promotion of two senior vice presidents, three vice presidents and four assistant vice presidents.

James K. Hodgetts has been promoted to senior vice president, bank supervision group. He has been a vice president since March 1994, responsible for the compliance examinations function in bank supervision.

Mr. Hodgetts joined the bank in January 1971 as an assistant bank examiner in commercial examinations and was promoted to supervising examiner in bank examinations in May 1982. In July 1986, he was appointed examining officer in the domestic banking department. In October 1987, Mr. Hodgetts was appointed assistant vice president in bank examinations.

On two occasions in 1993 and 1994, he was granted leave from the bank for special assignments with the Division of Consumer and Community Affairs in Washington, D.C.

He holds a B.S. degree from Bucknell University.

John F. Sobala, has been promoted to senior vice president, responsible for oversight of the check and fiscal services function in the bank services group. He has been vice president of the building services function in the automation and systems services group since June 1991.

Mr. Sobala joined the bank in June 1968 as a public information representative. In September 1969 he was promoted to administrative assistant and assigned to the collection department where he held positions of increasing responsibility in the check, cash and collection areas.

In January 1976 he was appointed an officer of the bank assigned to the check processing department and was promoted to assistant vice president in the planning and control function and in September 1979.

Mr. Sobala was granted a leave of absence to serve as assistant director of Federal Reserve Bank operations at the Board of Governors in Washington, D.C. from September 1983 through June 1984.

Mr. Sobala holds a B.A. degree from Brooklyn College.

The following officers have been promoted to vice president:

Claudia H. Couch has been promoted to vice president of the electronic payments systems department in the automation systems services group. She has been assistant vice president since December 1993.

Ms. Couch joined the bank in July 1973 as an assistant programmer. She was appointed an officer of the bank in January 1989 and given responsibility for managing the funds transfer systems department, later renamed the electronic payments systems department.

She holds a B.A. degree from Fordham University.

Maureen G. Cozzi has been promoted to vice president of the markets and accounts systems department. She has been assistant vice president since December 1996.

Ms. Cozzi joined the bank in June 1983 as an assistant programmer and held positions of increasing responsibility in the data systems department. She was appointed an officer of the bank in January 1995 and given responsibility for managing the markets and accounts systems department.

Ms. Cozzi holds a B.B.A. degree from Adelphi University and a M.B.A. degree in Information Systems from Hofstra University.

Dr. Gerald L. Stagg has been promoted to vice president, medical services division. He has been responsible for the medical services division in the human resources services department since his appointment as an officer and medical director in March 1994.

Dr. Stagg joined the bank in November 1991 as a staff physician.

He holds a B.S. degree from the University of New Orleans, a M.D. from the Louisiana State University Medical School and a M.S. in Health Policy and Management from New York University.

The following officers have been named assistant vice president:

    Scott J. Chassanoff, automation and systems services group;

    Donald J. Rohrbach., automation and systems services group;

    David H. Friedman, executive office;

    Rona B. Stein, administrative services group.