Cleveland Fed President Sandra Pianalto Announces Retirement from the Bank

CLEVELAND - Sandra Pianalto, president and chief executive officer of the Federal Reserve Bank of Cleveland, announced today that she will retire from the Bank early next year. Ms. Pianalto joined the Cleveland Fed in 1983 and has headed the Bank since 2003.

“It has been an honor to serve as president of the Federal Reserve Bank of Cleveland and to participate on the Federal Open Market Committee during this extraordinary period in our country’s economic history,” Ms. Pianalto said. “I am proud of the Bank’s many accomplishments, which would not have been possible without the talented and dedicated employees I have had the privilege of working with. I am confident that the Federal Reserve Bank of Cleveland is well positioned to address the challenges and opportunities facing the Bank and the Federal Reserve System.”

“The Federal Reserve is a special organization, and I deeply value the relationships I have developed within the Federal Reserve System over the years,” Ms. Pianalto added. “I also value the many relationships that I have developed with people throughout the Fourth District. I have no immediate plans beyond continuing my involvement in civic and non-profit activities here in the Fourth District, and I will not consider any opportunities until my successor is in place.  I look forward to staying actively engaged in leading the Bank and serving on the Federal Open Market Committee until the selection process is complete.”

Federal Reserve Chairman Ben Bernanke said “Sandy has been a remarkable colleague who has made invaluable contributions to the Federal Reserve Bank of Cleveland, the Federal Reserve System, and the country.  We will miss her thoughtful insights and leadership across a broad range of issues, including monetary policy, payments policy, and community development.”

Richard K. Smucker, Chairman of the Bank’s Board of Directors and Chief Executive Officer of The J.M. Smucker Company,  said, “During her many years of service, Sandy has made tremendous contributions to the Federal Reserve System and to the Fourth Federal Reserve District.  She has been a central banker during one of the most difficult times in our nation’s economic history.  During her distinguished career, Sandy has helped the Bank transition from its legacy of excellence in operations to an organization that is highly respected for its research and analysis on economic and banking issues.  As chair of the Federal Reserve’s Conference of Presidents, she provided leadership in the governance of the Federal Reserve Banks, and as chair of the Financial Services Policy Committee, she oversaw the development of a new strategic plan for Federal Reserve financial services.  And finally, through her participation on the boards of significant educational, charitable, and cultural organizations in the region, Sandy has helped to improve the lives of so many people in our communities.”

“On behalf of the Bank’s Board of Directors, its officers and employees, I can say with confidence that Sandy will be missed,” Mr. Smucker said.  “She has represented the Federal Reserve with great skill, pride, and diplomacy.  We all wish her well in her future endeavors.”

Mr. Smucker and Christopher M. Connor, Deputy Chairman of the Bank’s Board of Directors and Chairman and Chief Executive Officer of The Sherwin-Williams Company, have formed a search committee made up of Bank directors and chaired by Mr. Connor.  In addition to Mr. Connor and Mr. Smucker, the search committee includes:

• Tilmon F. Brown, President and Chief Executive Officer, New Horizons Baking Company, Norwalk, OH
• Harold Keller, President, Ohio Capital Corporation for Housing, Columbus, OH
• John P. Surma, Chairman and Chief Executive Officer, United States Steel Corporation, Pittsburgh, PA
• Susan Tomasky, Energy Consultant and Former President, AEP Transmission, Columbus, OH

The search committee is expected to name an executive search firm to assist in identifying potential candidates, and the final decision on Ms. Pianalto’s successor is expected to be made in early 2014.

President Pianalto’s bio follows and her photo can be found here.

The Federal Reserve Bank of Cleveland is one of the twelve regional Banks in the Federal Reserve System, and serves the Fourth District, which comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. As part of the U.S. central bank, the Cleveland Fed participates in the formulation of national monetary policy, supervises banking organizations, provides payment and other services to financial institutions and the U.S. Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition the Bank supports the well-being of communities across the Fourth District through a wide array of research, outreach, and educational activities. For more information, go to www.clevelandfed.org

Biographical Information – Sandra Pianalto

Sandra Pianalto is President and Chief Executive Officer of the Federal Reserve Bank of Cleveland, one of 12 regional Reserve Banks that together with the Board of Governors in Washington D.C. form the Federal Reserve System. As one of the nation's central bankers, she contributes to monetary policy decisions that promote the health of the nation's economy and the safety and soundness of the U.S. financial system. She currently chairs the Federal Reserve’s Financial Services Policy Committee, which is a committee of senior Federal Reserve Bank officials responsible for the overall direction of financial services and related support functions for the Federal Reserve Banks and for leadership in the evolving U.S. payment system.

Ms. Pianalto oversees 950 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise financial institutions, and provide payment services to commercial banks and the U.S. government.

Ms. Pianalto joined the Federal Reserve Bank of Cleveland in 1983 as an economist in the Research Department. She was appointed assistant vice president of public affairs in 1984, vice president and secretary to the board of directors in 1988, and first vice president and chief operating officer in 1993. She assumed her position as president in 2003.  Before joining the Bank, Ms. Pianalto was an economist at the Federal Reserve Board of Governors and served on the staff of the Budget Committee of the U.S. House of Representatives.

Ms. Pianalto is active in the Fourth Federal Reserve District’s civic community. She is vice chair of the board of University Hospitals and serves as a past chair and a life director of the board of United Way of Greater Cleveland. Ms. Pianalto also serves as an advisory trustee for The University of Akron. She serves on the boards of a number of other community organizations, including The Cleveland Foundation, Greater Cleveland Partnership, Team Northeast Ohio (Team NEO), and College Now Greater Cleveland.

Ms. Pianalto earned a bachelor’s degree in economics from The University of Akron and an MA in economics from The George Washington University. She is a graduate of the Advanced Management Program at Duke University’s Fuqua School of Business and holds honorary degrees from The University of Akron, Baldwin-Wallace College, Cleveland State University, John Carroll University, Kent State University, Notre Dame College, Ursuline College, and The University of Toledo.

Federal Reserve Bank of Cleveland

The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.

The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.

Media contact

Doug Campbell, doug.campbell@clev.frb.org, 513.218.1892