The Federal Reserve Bank of St. Louis has launched a formal search to hire its next president and CEO.
Posted Aug. 28, the application lists a number of candidate qualifications and necessary areas of expertise, including “respected credentials in macroeconomics,” standard leadership, organizational and management skills as well as fluency in banking supervision, Federal Reserve fiscal agent responsibilities and payments systems.
The announcement came after former President James Bullard resigned in July to become the inaugural dean of Purdue University’s School of Business. Bullard remained with the Fed in an advisory capacity until Aug. 14 as Chief Operating Officer Kathleen O’Neill Paese assumed the president and CEO roles on an interim basis.
Applications are expected to be accepted through Sept. 28. The St. Louis Fed retained global executive search and leadership consulting firm Spencer Stuart to assist its internal search committee in selecting the next leader.
One of a dozen regional reserve banks, the St. Louis Fed covers the Fed’s 8th District, which includes much of the central U.S., including all of Arkansas and parts of Tennessee, Missouri, Kentucky, Mississippi, Illinois and Indiana. The St. Louis Fed president has a voting role on the Federal Open Market Committee every three years.
Reserve banks are governed by three sets of directors: Class A, which are affiliated with district member banks; Class B, which are picked by member banks to represent the public; and Class C, those selected by the Fed Board of Governors in Washington, D.C., to represent the public. To avoid a conflict of interest, only Class B and C directors can participate in the presidential search.
“The search process will be robust, transparent, fair and inclusive,” said St. Louis Fed search committee Chair Jim McKelvey. “The search committee is focused on finding the next great leader of the St. Louis Fed — someone distinctly qualified to advance its mission to promote a healthy economy and financial stability and further the bank’s long-standing reputation for leadership and impact.”