The Federal Reserve Bank of Richmond said Margaret E. "Lyn" McDermid has been named the chief information officer for the Federal Reserve System.

McDermid, who starts her new job Feb. 1, will succeed Lon Zanetta, who is retiring after more than eight years at the Fed.

"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," Jeff Lacker, president of the Federal Reserve Bank of Richmond, said in a news release. "Having been chair of our board of directors, 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."

Most recently McDermid was senior vice president and CIO at Dominion Resources, a Fortune 500 energy company in Richmond, Va.