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Office of the President

Dedicated to serving the communities of the Fourth Federal Reserve District

Extending the Legacy of Leadership at the Federal Reserve Bank of Cleveland

Beth M. Hammack will assume the role of president and chief executive officer of the Cleveland Fed on August 21, 2024.

Ms. Hammack will serve as president and chief executive officer, responsible for all the Bank's activities, including those related to monetary policy, bank supervision, and payments services. She will participate as a voting member of the Federal Reserve's monetary policymaking body, the Federal Open Market Committee (FOMC), at its September meeting and through the remainder of 2024, following the established rotation of Reserve Banks. Until Hammack’s start date, the Federal Reserve Bank of Chicago president is designated as an alternate voting member on the FOMC.

Mark S. Meder, first vice president and chief operating officer, will serve as interim president and chief executive officer beginning July 1, 2024.

Throughout the process to appoint the Bank’s 12th president, the search committee was committed to conducting a search that was robust, transparent, fair, and inclusive. The search began November 8, 2023 and concluded with an announcement on May 29, 2024 on the appointment of Beth M. Hammack.

  • Inclusivity was built into the infrastructure of the search. Although the composition of the search committee is pre-determined by law, the search committee’s diversity in gender, race, geography, and background provided important differences in perspective during the search process. Search committee members represented various sectors and communities across the entire Federal Reserve Fourth District.
    • Committee members for the search included: Heidi L. Gartland, Richard J. Kramer, Jacqueline Gamblin, Ramona Hood, Darrell McNair, Holly B. Wiedemann, and Doris Carson Williams.
  • Following a formal procurement process, the Bank engaged Spencer Stuart to assist the committee. The team from Spencer Stuart was also diverse in terms of race and gender.
  • The search was launched on November 8, 2023 with a formal announcement by the Bank.
  • Transparency and outreach were also priorities, with the Bank providing timely and widely available information about the search and how to apply, including announcements to national and local media, social media (more than 145,000 followers of the Bank on X/Twitter and LinkedIn), updates on a dedicated Presidential Search webpage that the Bank established immediately after the search began, newsletters and email promotions, and prominent display on the homepage of the Bank’s main website,
  • The Bank widely publicized and hosted two virtual Town Halls on November 27, 2023, and January 9, 2024, that were open to the public to provide information about the search and how to apply or nominate an individual, and to answer the public’s questions. Recordings of the Town Halls were posted on the Bank’s Presidential Search webpage following the events.
  • The Presidential Search webpage also included an email drop-box linked directly to Spencer Stuart for confidential nominations and self-submissions. The webpage also provided a dedicated Bank email address for the public to ask questions or send comments to the Bank. Throughout the search process, there were more than 1,200 pageviews on the Presidential Search webpages and more than 200 downloads of the job description posted there.
  • The search committee placed a priority on conducting a broad search with a candidate pool that was diverse in terms of gender, race and ethnicity and background. The competitive candidate pool included executives, economists, academics, and other interested leaders from across the country. At the conclusion, the search committee unanimously agreed to appoint Beth M. Hammack the next Cleveland Fed president, subject to approval of the Board of Governors.