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Press Release

Gregory Stefani to Retire from the Cleveland Fed

The Federal Reserve Bank of Cleveland today announced that Gregory L. Stefani, first vice president and chief operating officer, will retire from the Bank on January 31, 2022.

Mr. Stefani was appointed to his current position in 2011, making him the second-ranking official of the Cleveland Reserve Bank with responsibility for overseeing a broad range of services to financial institutions, the US Treasury, and other stakeholders. In addition, his role is to maintain a strong control environment and risk management program and ensure that the Bank has leadership strength, succession planning, and a diverse workforce.

“I want to express my deep appreciation to Greg for his exemplary service to this Bank and to the Federal Reserve System and for the sage advice and generous support he has provided to me in my role as president,” said Loretta J. Mester, Cleveland Fed president and CEO. “Throughout his remarkable career at the Fed, Greg has been dedicated to achieving organizational excellence, creating an inclusive environment in which all employees have the opportunity to succeed, and promoting innovation in the way we do our work. Greg’s influence on the culture of this Bank will be one of his lasting legacies.”

Prior to assuming his current position, Mr. Stefani was senior vice president and chief financial officer, leading shared services, including finance, strategic and performance management, risk management, information technology, and information security. He began his career at the Cleveland Fed in 1983 as a bank examiner and went on to hold positions of increasing responsibility within the Supervision and Regulation, Credit Risk Management, Policy and Strategic Analysis, and Statistics and Analysis Departments.

An active community member, Mr. Stefani serves as a trustee or board member of several regional organizations: United Way of Greater Cleveland, the Greater Cleveland Food Bank, and the Cleveland Public Library Foundation. In addition, Mr. Stefani is a sustaining member of the Leadership Council of the College of Business at Bowling Green State University, where he earned a BS in business administration and finance and an MBA. He is also a graduate of the Harvard Business School Advanced Management Program and the Graduate School of Banking at Colorado.

Dwight Smith, chair of the Cleveland Fed’s board of directors, will lead a committee of eligible directors to search for Mr. Stefani’s successor. Information about the process will be forthcoming.

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,, 513.455.4479