Karen L. Larrimer
About Karen L. Larrimer
Independent Class I Trustee of Federated Hermes Premier Municipal Income Fund (FMN), first elected to the Board effective January 2025. Birth date: December 10, 1962. Background includes Executive Vice President and Head of Retail Banking and Chief Customer Officer at The PNC Financial Services Group, Inc., with prior executive roles in marketing and business banking; earlier leadership roles at Mellon Bank and assistant director at Ernst & Young LLP. Listed among the Fund’s Independent Trustees; term, if elected at the 2025 annual meeting, runs to the 2028 annual meeting .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The PNC Financial Services Group, Inc. | Executive Vice President & Head of Retail Banking; Chief Customer Officer | Former (years not disclosed) | Senior operating leadership in retail banking/customer strategy |
| The PNC Financial Services Group, Inc. | Chief Marketing Officer | Former (years not disclosed) | Marketing leadership |
| The PNC Financial Services Group, Inc. | Executive Vice President, Business Banking | Former (years not disclosed) | Business banking leadership |
| Mellon Bank | Leadership roles | Former (years not disclosed) | Financial institution management experience |
| Ernst & Young LLP | Assistant Director | Former (years not disclosed) | Professional services/financial management exposure |
External Roles
| Organization | Role | Nature |
|---|---|---|
| Highmark, Inc. | Director | Health insurance organization (non-public) |
| Modern Executive Solutions | Director | Executive search and advisory solutions firm (private) |
| Children’s Museum of Pittsburgh | Director; former Chair | Non-profit |
| United Way of Southwestern Pennsylvania | Director; former Chair | Non-profit |
| Goodwill Industries Pittsburgh | Emeritus Director | Non-profit |
| Duquesne Club of Pittsburgh | President | Non-profit/membership organization |
| Robert Morris University | Trustee | Academic institution |
| PNC Foundation | Director | Corporate philanthropic foundation |
| numo (fintech incubator) | Director | Private/innovation incubator |
Board Governance
- Independence: Listed as an Independent Trustee (Class I) .
- Committee assignments: Member of the Nominating Committee (comprised of all Independent Trustees); Chair is John S. Walsh .
- Audit Committee: Not a member; the Audit Committee members are John G. Carson, Thomas M. O’Neill (Chair), Madelyn A. Reilly, and John S. Walsh; met seven times in fiscal 2024 .
- Board meeting cadence and attendance: The Board met four times in fiscal 2024; each Trustee (serving during the period) attended at least 75% of Board and applicable committee meetings. Larrimer’s Board service began January 2025, so fiscal 2024 attendance is not applicable to her .
- Annual meeting attendance policy: The Fund has no policy requiring Board attendance at annual shareholder meetings; no Board members attended the 2024 annual meeting .
- Board leadership: Chairman of the Board is independent and has no prior relationship with Federated Hermes or the Fund other than the Trustee role .
- Term and classification: Class I term extends to the 2028 annual meeting if elected at the 2025 annual meeting (staggered Board structure) .
Fixed Compensation
| Compensation Element | Amount | Period |
|---|---|---|
| Aggregate Compensation from Fund (past fiscal year) | $0 | Fiscal year ended Nov 30, 2024 |
| Total Compensation from Fund and Federated Hermes Complex (calendar year 2024) | $0 | Calendar year 2024 |
Note: Larrimer began serving January 2025; therefore, no compensation applies to fiscal 2024 or calendar 2024 .
Performance Compensation
- No equity awards (RSUs/PSUs), options, or performance-metric-based compensation are disclosed for Larrimer in the proxy. Compensation tables list aggregate cash totals for trustees; Larrimer’s totals are $0 for the disclosed periods, with no equity or option line items presented .
- No clawbacks, gross-ups, or change-in-control provisions are disclosed for trustees in the proxy sections reviewed .
Other Directorships & Interlocks
| Category | Disclosure |
|---|---|
| Current public company boards | None |
| Registered investment companies | Trustee of the Fund and listed among Trustees in the Federated Hermes Complex (oversight noted across portfolios) |
| Potential interlocks/conflicts | External roles are with non-public entities (health insurance, executive search, non-profits); no specific related-party transactions or interlocks tied to FMN disclosed in proxy . |
Expertise & Qualifications
- Financial services operating expertise: Senior leadership roles at PNC across retail banking, customer strategy, marketing, and business banking .
- Professional services and banking background: Assistant director at Ernst & Young LLP and leadership roles at Mellon Bank .
- Board/Community leadership: Extensive non-profit and private board service, including chairs and president roles .
Equity Ownership
| Measure | FMN (Fund-level) | Federated Hermes Family of Investment Companies |
|---|---|---|
| Dollar range of shares owned | None (as of June 30, 2025) | Over $100,000 (as of Dec 31, 2024) |
| Beneficial ownership (Fund) | No beneficial ownership; the proxy states no other officer or Trustee (besides J. Christopher Donahue) owned shares as of June 30, 2025 | Not applicable |
| Pledging/hedging disclosures | Not disclosed for Larrimer in proxy materials reviewed |
Governance Assessment
- Strengths: Independent status and deep operating experience in large-scale retail financial services; active member of the Independent Nominating Committee; Board leadership is independent and audit oversight is robust (Audit Committee met seven times) .
- Alignment and engagement: No FMN share ownership (common among closed-end fund trustees, but reduces direct economic alignment to the Fund); calendar/fiscal 2024 compensation shows $0 owing to 2025 start date, so current-year cash/equity mix cannot yet be assessed from this proxy .
- Conflicts/Red flags: No related-party transactions, loans, or consulting arrangements involving Larrimer identified in proxy sections reviewed; no public company interlocks; committee roles do not include audit chair or compensation oversight (the Fund does not list a compensation committee) .
- Attendance/Shareholder interaction: Board-level attendance thresholds met in fiscal 2024; Fund does not require annual meeting attendance and none attended in 2024 (contextual governance signal) .
Section 16 compliance: The Fund states Reporting Persons timely filed Section 16(a) reports for fiscal 2024 .