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Press Release

Cleveland Fed Directors Partner with Spencer Stuart to Find Next Bank President

10.31.2013

The search committee of the Board of Directors of the Federal Reserve Bank of Cleveland has selected executive search firm Spencer Stuart to identify candidates for the position of president and CEO of the Cleveland Reserve Bank to replace retiring president Sandra Pianalto.

According to search committee chair Chris Connor, Deputy Chairman of the Bank’s Board and Chairman and CEO of The Sherwin-Williams Company, Cleveland, Ohio, Spencer Stuart has completed a number of executive level searches for the Federal Reserve System and has extensive financial services and public policy experience. Tom Daniels, from Spencer Stuart's New York office, will be the lead for the search.

Sandra Pianalto, President and Chief Executive Officer of the Federal Reserve Bank of Cleveland, announced in August that she will retire from the Bank once her successor has been named, which is expected to be early next year. Ms. Pianalto joined the Cleveland Fed in 1983 and has headed the Bank since 2003.

In addition to Mr. Connor, the search committee includes the following members of the Cleveland Reserve Bank's Board of Directors:

  • Richard Smucker, Chairman of the Bank's Board and Chief Executive Officer of The J.M. Smucker Company, Orrville, OH
  • Tilmon (Tim) Brown, President and Chief Executive Officer, New Horizons Baking Company, Norwalk, OH
  • Hal Keller, President, Ohio Capital Corporation for Housing, Columbus, OH
  • John Surma, Executive Chairman, United States Steel Corporation, Pittsburgh, PA
  • Susan Tomasky, Energy Consultant and Former President, AEP Transmission, Columbus, OH

The Federal Reserve Bank of Cleveland is one of the twelve regional Reserve 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.

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