Cleveland Fed Launches Search for Next President and CEO

The Federal Reserve Bank of Cleveland today launched the search for a president and CEO to succeed Loretta J. Mester, whose tenure will conclude on June 30, 2024, in accordance with Federal Reserve mandatory age and length of service policies.

A committee comprised of eligible members of the Cleveland Fed’s board of directors (Class B and C directors who are not affiliated with institutions regulated by the Federal Reserve) has been formed to conduct the search, consistent with Federal Reserve policies and the Federal Reserve Act. The committee will be chaired by Heidi Gartland, chief government and community relations officer, University Hospitals, and deputy chair of the board of directors of the Federal Reserve Bank of Cleveland.

“President Mester’s strong leadership over the past decade has positioned the Cleveland Fed as an important resource to the community and the nation. Thanks in no small part to her intellect, energy, and dedication to public service, the Cleveland Fed today is known around the globe for its top-quality economic research, financial institution supervision, community development outreach, and delivery of financial services,” Gartland said. “We are committed to finding a new leader who can ensure the Bank continues to meet the high standard that President Mester has set.”

The committee will undertake a nationwide search, gathering broad community input. In addition to Gartland, the committee includes the following members of the Bank’s board of directors:

• Doris Carson Williams, president and CEO, African American Chamber of Commerce of Western Pennsylvania and chair, Federal Reserve Bank of Cleveland board of directors
• Jacqueline Gamblin, chief executive officer, JYG Innovations
• Darrell McNair, president and chief executive officer, MVP Plastics, Inc.
• Holly Wiedemann, founder, AU Associates, Inc.

Spencer Stuart, a global leadership advisory firm, has been retained to support the search committee’s work. Applicant referrals should be directed to clevelandfedpresident@spencerstuart.com.

About the Cleveland Fed President

The president of the Cleveland Fed plays a key role in shaping monetary and economic policy for the nation as a member of the Federal Reserve System’s Federal Open Market Committee. The president serves as the face and voice of the Cleveland Fed, represents its work to a broad range of constituents, and listens actively to understand the economic landscape of the historic and dynamic communities that comprise America’s industrial heartland. The president works with and leads a talented, mission-driven team focused on fostering the stability of the nation’s economic and financial systems. The president champions and models the organization’s commitment to diversity, equity, inclusion, and opportunity, and understands how diversity enhances economic outcomes for the communities we serve.

The full position profile and information on the presidential search can be found at clevelandfed.org/presidential-search.

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