The search is on for the next president and chief executive officer of the Federal Reserve Bank of San Francisco. The position is based in the San Francisco Bay Area, the fifth largest metropolitan area in the country.
The bank’s current president, John C. Williams, was recently named to lead the Federal Reserve Bank of New York. He will transition into his new role June 18.
A search committee comprised of four members of the bank’s head office board of directors has been formed to lead the search. In keeping with the Federal Reserve Act, only Class B and Class C directors – those unaffiliated with regulated banks or financial institutions – are eligible to participate in the selection of a Fed bank president.
The members of the board’s search committee are:
- Alex Mehran, chairman and CEO of Sunset Development Company. Mehran chairs the bank’s head office board and will also serve as the search committee chair;
- Tamara Lundgren, president, CEO and director of Schnitzer Steel Industries, Inc.;
- Barry Meyer, retired chairman and CEO of Warner Bros. Meyer serves as deputy chair of the bank’s head office board;
- Rosemary Turner, president of UPS Northern California.
The search committee has retained Diversified Search, the largest female-owned and founded firm in the search industry. Diversified Search has offices across the U.S. and is part of an international alliance of independent executive search firms that spans 36 countries.
“The San Francisco Fed has a legacy of success with regard to hiring and promoting strong capable leaders into its senior management ranks. Janet Yellen led the San Francisco Fed prior to being named vice chair, and later chair, of the Federal Reserve’s Board of Governors,” Mehran said. “She and John Williams have both been outstanding public servants who have made profound contributions to our nation’s monetary policies and to the San Francisco Fed’s inclusive, forward-leaning work culture.”
Mehran further stressed the board’s commitment to a broad and inclusive search process. He said the process will include soliciting input from stakeholders inside and outside of the San Francisco Fed’s district regarding the professional expertise and leadership attributes that embody the ideal presidential candidate and the sourcing of qualified candidates.
According to Mehran, there is no set timeline for completing the search. The search committee will continue to field, vet and interview qualified candidates until it has identified the best person for the job. The final candidate will then be appointed by the Class B and Class C directors in concurrence with the Federal Reserve Board of Governors.
The President of the San Francisco Federal Reserve Bank serves as a voting member of the Federal Open Market Committee every three years, with the current rotation being this year, 2018.