Federal Home Loan Bank of San Francisco 8-K

What Happened
The Federal Home Loan Bank of San Francisco announced on January 8, 2026 that Winthrop Watson will become Interim President and Chief Executive Officer effective February 2, 2026. Mr. Watson, age 71, previously served as President & CEO of the Federal Home Loan Bank of Pittsburgh from 2011 until his 2024 retirement. His appointment follows the planned termination of the current interim CEO Joseph E. Amato’s employment on February 1, 2026.

Key Details

• Employment Agreement effective February 2, 2026 through April 30, 2026 (Initial Term) with automatic one‑month extensions unless terminated. Mr. Watson is an at‑will employee.
• Base salary: $125,000 per month; monthly housing allowance up to $10,000.
• Advisory Agreement effective January 12, 2026 through February 1, 2026 (unless earlier terminated); advisory fee: $61,875.
• Mr. Watson will not participate in the Bank’s Executive Incentive Plan, Supplemental Executive Retirement Plan, or Corporate Senior Officer Severance Policy while employed under this agreement. No family relationships or material transactions to disclose.

Why It Matters
Investors should note the Bank has secured an experienced, short‑term leader to manage transition risks. The compensation terms are explicit and short‑term (monthly pay and housing allowance), and the exclusion from incentive, retirement and severance plans limits long‑term obligations to the Bank. This is primarily a governance and leadership update rather than a financial-results disclosure.