Federal Reserve Bank of New York Picks Two Search Firms to Find Next President
November 16, 2017 – After eight years in the job, William C. Dudley will be retiring early in 2018 from his post as president and CEO of the Federal Reserve Bank of New York – one of the most high profile positions in the U.S. Federal Reserve System. In an unusual matchup, recruitment firms Spencer Stuart and Bridge Partners have been enlisted to find his replacement.
The New York Fed’s search committee is being led by Sara Horowitz, founder of the Freelancers Union, and Glenn Hutchins, co-founder of private equity firm Silver Lake Partners. By the middle of next year, the committee is expected to choose a candidate, who must then be approved by the Fed board of governors in Washington, D.C.
Leading the Spencer Stuart team are search consultants John Harpole, Thomas Daniels, and Connie McCann. Bridge Partners is represented by the firm’s co-founders and partners Tory Clarke and Larry Griffin.
The Role
The president of the Federal Reserve Bank of New York is appointed by the board of directors of the bank for a renewable term of five years. The executive is responsible for the strategic vision and leadership of the bank, according to the bank’s job description. The president is charged with developing a broad vision for the organization and plays a lead role in shaping the strategic vision for the Federal Reserve System.
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The president is also expected to interact and communicate regularly with other Federal Reserve Bank leaders and the board of governors, said the organization. The individual should also maintain constructive and collaborative relationships with other Federal Reserve entities while also acting as the bank’s chief advocate where appropriate. Likewise, the president is expected to maintain effective relationships with key stakeholders in the district. And, the individual is responsible for oversight of budgeting, planning and financial management for the New York Fed.
Key Attributes
As CEO of the New York bank, an organization with complex, challenging and sensitive responsibilities, the individual must demonstrate the common leadership traits expected of the head of any complex, interdisciplinary organization, particularly one in the public sector, the bank said.
The incoming executive must have a strategic and integrative thought process with the ability to make critical and difficult decisions, execute and follow through to completion, said the bank. The organization seeks someone who has demonstrated executive leadership of a highly sophisticated and complex organization, including a track record of people management of a large and diverse staff.
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The Federal Reserve Bank of New York works within the Federal Reserve System and with other public and private sector institutions to foster the safety, soundness and vitality of the nation’s economic and financial systems. It is one of 12 regional Reserve Banks which, together with the board of governors in Washington, D.C., make up the Federal Reserve System. The Fed, as the system is commonly called, is an independent governmental entity created by Congress in 1913 to serve as the central bank of the U.S.
Searching for Federal Reserve Bank Leaders
In 2003, Korn Ferry led the search for the CEO of the Federal Reserve Bank of New York when Tim Geitner left to become U.S. treasury secretary. In 2015, the search firm placed Patrick T. Harker as president and chief executive officer of the Federal Reserve Bank of Philadelphia. Mr. Harker was recruited from his role as president of the University of Delaware. Earlier this year, Spencer Stuart placed Raphael W. Bostic as the 15th president and CEO of the Federal Reserve Bank of Atlanta. He was previously the Judith and John Bedrosian chair in governance and the public enterprise at the Sol Price School of Public Policy at the University of Southern California.
Banks Turn to Search Firms
Financial services organizations are facing a new competitive landscape, regulatory challenges and a constant struggle to manage cost and efficiency. This requires strategic leaders with a multidimensional skill-set. Like all financial institutions, banks continue to turn to executive recruitment firms to find new leaders. Here’s a sampling of some important searches that are either underway or recently completed taken from the Hunt Scanlon Media Archives:
Korn Ferry recruited Doug Bowers as president and CEO of Banc of California. Most recently, Mr. Bowers was president and CEO of Square 1 Bank from 2011 until its sale to PacWest Bancorp. From 2009 to 2011, he served as a managing director of Lone Star Funds/ Hudson Advisors.
Chrisman & Company placed Carl J. Chaney as CEO of New Orleans-headquartered First NBC Bank. Longtime leader and founder Ashton Ryan Jr. has stepped aside as CEO. Mr. Ryan will continue on as president. Founding partner and principal Timothy Chrisman led the search along with partner Irwin Stalk.
Axis Bank Ltd., India’s third-largest private bank, has reappointed Shikha Sharma as managing director and chief executive officer for a period of three years starting June 2018. The bank had appointed Egon Zehnder as its consultant to identify the next CEO. But the bank clarified that this was to be a board-approved process and may not necessarily lead to management change.
The Recruiters
The financial services sector represents fully one fifth of Spencer Stuart’s worldwide client base. Its financial industry search specialists have conducted more than 5,100 searches since 2011, on average more than 1,000 annually. The firm partners with financial services entities to find talent across a spectrum of related sectors and capabilities, including asset management, consumer financial services, financial technology, global banking and markets, insurance, private wealth management, real estate and risk.
Mr. Harpole is a New York-based member of Spencer Stuart’s financial services and asset management practices. He has more than 20 years of advisory and institutional investment experience encompassing public equities, alternative- and real-assets.
Mr. Daniels is a member of Spencer Stuart’s financial officer, financial services, private equity, board services and diversity practices. He has been involved in senior level assignments for clients that include large multinationals, midcap, emerging growth, private equity and alternative asset management companies as well as organizations such as the Federal Reserve, International Accounting Standards Board and FINRA.
Ms. McCann serves on Spencer Stuart’s global board of directors and is a senior member of the firm’s financial services practice, as well as the North American board, CEO, asset management and private wealth management practices. She focuses on financial services, with over 30 years of experience in the financial services industry, as both an executive and a key advisor.
Bridge Partners, a boutique executive search firm, focuses on senior level diversity recruiting. Its clients include major corporations, non-profits, public sector, and entrepreneurial organizations across the U.S. and globally. The firm’s search capabilities span a broad base of industries and functions, for organizations ranging from multinational corporations to the public sector and academia. Its clients include GE, TIAA-CREF, Colgate, YMCA, Novartis, Starbucks, Habitat for Humanity and the Federal Reserve System.
Ms. Clarke supports senior global search assignments for private sector, public sector and international non-profit/social venture clients, across all functions. A 20-year veteran of the executive search industry, she has recruited diverse executives, including CEO/presidents and their leadership teams, at both head office and regional locations around the globe.
Mr. Griffin partners with clients on leadership assignments within the private, federal/public and nonprofit sectors. He has been in executive search for nearly 30 years and has recruited diverse leaders across multiple functions from CEO/executive directors/presidents, to functional heads including chief financial officer, chief marketing officer, chief information officer, chief strategy officer, and their teams.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; Stephen Sawicki, Managing Editor; and Will Schatz, Managing Editor – Hunt Scanlon Media
