April 23, 2021

President & CEO Hjerpe Retirement Announcement

Dear Members,

With gratitude, pride and excitement, I wish to inform you that I have notified the Board of Directors of FHLBank Boston that I will retire from my position as President and CEO by the end of 2021.

It has been an honor to serve as the leader of this exceptional mission and value-driven, member-owned cooperative for the past twelve years, and to represent you within the FHLBank System, and in other regional and national forums. I am grateful to each member organization for your business and support through economic, industry, and other challenges, as well as successes we have experienced together.

I am also thankful to every one of the 35 board members I have served under during this time, including particularly, chairs Jan Miller, Andy Calamare, and currently Martin Geitz. Likewise, I am indebted to vice-chairs Jay Malcynsky, Steve Closson, Steve Crowe, and currently Donna Boulanger, as well as to Mark Macomber, chair of the CEO search committee in 2009. The Bank has benefitted greatly from having an engaged, diligent, and supportive board of directors comprised of both industry and independent directors.

I am proud of our service to our member shareholders and other constituents. We have built the best senior leadership team in the FHLBank System, restored and maintained solid profitability, enhanced our permanent capital by a factor of ten, and served the liquidity and funding needs of all our members. In addition, we have supported the housing and community investment needs of our six-state region through hundreds of millions of dollars of subsidy, both as required by statute and through board- and management-designed and supported voluntary programs. And, importantly, we have built an increasingly diverse and inclusive culture at the Bank.

The Bank’s board of directors is leading a process to choose the Bank’s next president and CEO. They have engaged a consulting firm to assist with the strategy and details of this important process, which will be the board’s top priority in the coming months. In the meantime, I look forward to continuing to work to meet the needs of our membership, and to continue to build an increasingly strong and resilient FHLBank Boston on your behalf.

It is exciting to think about next steps in my personal life. I look forward to more time with our expanding family, and more time to boat, fish, golf, and travel. I also hope to stay in touch with the many friends I have made during my two tenures at the Bank.

Thank you again for the opportunity and honor of serving in this role for the past twelve years.  I wish the Bank and each of you and your organizations much success for many years to come.


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