Diversified Search Group Recruits CEO for Federal Reserve Bank of Chicago

After a rigorous search, Austan Goolsbee has been chosen as the 10th leader of the Chicago Fed. The selection follows an expansive national search process consistent with the Federal Reserve Act and the policy of the Board of Governors with Dr. Goolsbee ultimately coming out as the winning candidate. Let’s go inside the search!

January 10, 2023 – Federal Reserve Bank president searches are some of the most coveted assignments for executive recruiters to take on, and a number of leading search firms have gotten in on the action. Diversified Search Group (DSG), a leading search firm backed by private equity firm ShoreView Industries, has assisted in the recruitment of Austan Goolsbee as the new CEO of the Federal Reserve Bank of Chicago. He succeeds Charles L. Evans, who is retiring in January after 15 years. Dr. Goolsbee becomes the 10 leader of the Chicago Fed. The assignment was led by J. Veronica Biggins, Carla Logan, and Michael Sarnof.

“After a rigorous nationwide search, we are confident that Austan is the right person to lead the Chicago Fed, advancing both the vision and mission of the Reserve Bank and the work of the Federal Reserve System, while also serving the Seventh District,” said David Habiger, who served as co-chair of the search committee.

“Austan is an exceptional choice to be the next president of the Federal Reserve Bank of Chicago,” said Helene Gayle, chair of the board of directors of the Federal Reserve Bank of Chicago and chair of the search committee. “He is a highly accomplished economist with extensive policy experience and a strong commitment to public service. I am confident in his future success as a national policymaker and chief executive of the Chicago Fed.”

The selection follows an expansive national search process consistent with the Federal Reserve Act and the policy of the Board of Governors. The process launched in April with the formation of a search committee made up of non-banking members of the Chicago Fed’s board of directors. The committee was chaired by Dr. Gayle, former president and CEO of The Chicago Community Trust who is currently the president of Spelman College. Mr. Habiger, president and CEO of J.D. Power, served as co-chair. Other members of the search committee were Jennifer Scanlon, president and CEO of UL Solutions, and Linda Jojo, EVP and chief customer officer, United Airlines.

As part of the search process, the committee sought input from a wide range of external and internal audiences. This included a series of focus groups across the region with attendees representing small business, economic development, agriculture, and labor organizations. The committee hosted a public town hall and conducted a digital outreach campaign that sought nominations from the public and feedback on what the committee should look for in the Chicago Fed’s next president.

The committee identified a broad, highly qualified, and diverse candidate pool from a variety of backgrounds, professions, and regions of the country. Committee members conducted multiple rounds of interviews with candidates before making their selection. The bank’s eligible Class B and C directors appointed the Bank’s new president. Class B and C directors are those not affiliated with banks or related financial service institutions. The selection was then approved by the Federal Reserve System Board of Governors.

Proven Leader

Dr. Goolsbee is currently the Robert P. Gwinn professor of economics at the University of Chicago Booth School of Business where he is in his 28th year on the faculty. He previously served in Washington as chairman of the Council of Economic Advisers and a member of the President’s cabinet.

Dr. Goolsbee is a leading empirical economist whose research has covered a wide range of industries including technology, manufacturing, airlines, automobiles, retail, business investment, and services. The research has earned him recognition as a Fulbright Scholar and an Alfred P. Sloan fellow. Dr. Goolsbee has served on the board of education for the City of Chicago, the Economic Advisory Panel to the Federal Reserve Bank of New York, the Panel of Economic Advisors to the Congressional Budget Office, the U.S. Census Advisory Committee, the Digital Economy Board of Advisors to the Commerce Department, and the External Advisory Group on Digital Technology for the International Monetary Fund. Dr. Goolsbee’s doctorate is in economics from the Massachusetts Institute of Technology. He holds bachelor’s and master’s degrees in economics from Yale University.

Dr. Goolsbee has long been an advocate for the use of new data sources in economics and helped create the leading private sector index of online inflation and documented how differently it behaves from standard measures like the Consumer Price Index. He is an outspoken supporter of expanding diversity in the economics profession especially in broadening the educational pipeline.

Related: The Boston Federal Reserve Taps Diversified Search Group | Koya Partners to Find VP of DE&I 

As president of the Chicago Fed, Dr. Goolsbee will serve the nation and Seventh Federal Reserve District, an economically and demographically diverse region made up of the state of Iowa, and most of Illinois, Indiana, Michigan, and Wisconsin. He will contribute to national monetary policymaking as a member of the Federal Open Market Committee, while leading the Chicago Fed, which conducts research and monitors local economic conditions in support of the formulation of monetary policy, supervises and regulates banking organizations, and provides financial services to banks and similar institutions, as well as to the U.S. government.

“The Federal Reserve Bank of Chicago has always been one of the crown jewels of the Fed system and the district it represents is the backbone of the American economy,” said Dr. Goolsbee. “I am both humbled and excited to serve the public in this role. These have been challenging, unprecedented times for the economy. The bank has an important role to play in helping the district get through them and to thrive going forward.”

Diversified Search Group Seeks Chief Diversity Officer for the Federal Reserve Bank of Atlanta
Diversified Search Group was recently selected by the Federal Reserve Bank of Atlanta to lead its search for a senior vice president, chief diversity officer and director of the Office of Minority and Women Inclusion (OMWI). Managing director Euris Belle is leading the search. The chief diversity officer serves as the architect and champion for the bank’s DEI strategies and provides thought leadership and oversight for all diversity- related strategies/initiatives, including DEI in management and employment, supplier diversity, diversity outreach programs, and, at the direction of the board of governors, may assist in the assessment of the diversity policies of entities regulated by the Federal Reserve. 

The Federal Reserve System was founded by Congress in 1913 and serves as the central bank of the U.S. Its fundamental mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial and payment systems to promote optimal economic performance. The Chicago Fed is a civic, business, and community leader in Chicago and the Midwest region. The fundamental mission of the Chicago Fed is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems so as to promote optimal macroeconomic performance.

Top Search Consultants

Diversified Search Group is a family of recruiting firms serving specialized sectors. The firm was founded almost five decades ago by Judith M. von Seldeneck for the express purpose of placing diverse candidates in client organizations. It is today the largest U.S. female-owned and founded firm in the executive recruitment industry. It is comprised of a combination of specialty practices with deep industry expertise under industry recognized brands, including Alta Associates, BioQuest, Koya Partners, Grant Cooper, and Storbeck Search.

Ms. Biggins, who leads Diversified Search’s board practice, brings more than 15 years of search experience to the firm—including several years working in the White House. She served as assistant to the President of the U.S. and director of presidential personnel under Bill Clinton. She also served as vice-chairman of the U.S. Delegation to the United Nations Fourth World Conference on Women in Beijing and as chairman of the Czech Slovak American Enterprise Fund. Her background includes 20 years’ experience with NationsBank (now Bank of America) and its predecessor, The Citizens, and Southern National Bank.

Ms. Logan has more than 30 years of experience in executive search. She currently serves as the managing associate of the board of directors practice and is a member of the corporate sector group based in Atlanta.  Ms. Logan collaborates with members of the search team on search strategy development and direct candidate recruitment. She also contributes to business development by providing detailed market analysis and company information utilizing various internal and external resources.

For over 20 years, Mr. Sarnoff has helped build businesses and advised on human capital strategy. For the last 18 years, he has worked as an executive recruiter focused across a number of leadership roles and functional areas, from front- to back-office, within financial services companies. Today, Mr. Sarnoff leads Diversified Search Group’s financial services practice. He also is a member of the firm’s board and financial officers practices. His clients have included banks, investment banks, private equity funds, private debt funds, venture capital, family offices, specialty finance companies, wealth management firms, insurance companies, asset and investment managers, and hedge funds.

Related: Diversified Search Places CEO at Federal Reserve Bank of San Francisco

Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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