Spencer Stuart Assists St. Louis Fed with CEO Search
January 12, 2024 – Federal Reserve Bank president searches are some of the most coveted assignments to take on among executive recruiters, and a number of leading search firms have gotten in on the action. Spencer Stuart has assisted in the recruitment of Alberto G. Musalem as the 13th president and CEO of the Federal Reserve Bank of St. Louis. He succeeds Jim Bullard, who resigned from his role in July 2023 after 15 years as the St. Louis Fed’s president and CEO. His appointment follows an extensive national search process, consistent with the Federal Reserve Act and policy of the board of governors. The search process launched in July 2023 with the formation of a search committee composed of the six non-banking directors of the bank’s board of directors.
Committed to a process that was robust, transparent, fair and inclusive, the search committee sought input from a wide range of internal and external audiences on the key attributes desired in a new leader and on potential prospects. The search committee also ensured that the bank had a comprehensive communications program in place to provide broad-based public awareness of the search, understanding of how the search process worked and information on how to apply. A broad and diverse candidate pool was considered. After several rounds of interviews, the search committee agreed unanimously on its selection, which, by law, then went to the board of governors for approval.
“Alberto will be an outstanding president and CEO of the St. Louis Fed,” said St. Louis Fed director Carolyn Chism Hardy, president and CEO of Chism Hardy Investments LLC, and deputy chair of the bank’s search committee. “As an experienced economist, former Federal Reserve leader, collaborator and communicator, he comes with the exceptional technical expertise and leadership abilities needed to contribute to effective policymaking and advance a large organization in service to the public. Alberto is a mission-focused leader, and I am confident he will work tirelessly to promote a healthy economy for all in representing the diverse views of the constituents across the Fed’s eighth district.”
Mr. Musalem has more than 27 years of public and private sector experience in economic policy, finance and markets. Most recently, he was CEO, co-chief investment officer and co-founder of Evince Asset Management, a quantitative investment technology company. Prior to that, Mr. Musalem was EVP and senior advisor to the president at the Federal Reserve Bank of New York, where he was head of integrated policy analysis, international affairs and a member of the bank’s management committee. Prior to the New York Fed, he was managing director, partner and global head of research at Tudor Investment Corporation focusing on the interaction of economic policy, macroeconomic performance and markets. As an economist at the International Monetary Fund, Mr. Musalem worked with IMF teams and country authorities on monetary policy and inflation targeting frameworks, fiscal responsibility rules and banking systems during the emerging market crises of the late 1990s.
Mr. Musalem is an adjunct professor of finance at Georgetown University’s McDonough School of Business and serves on the boards of the Federal Home Loan Mortgage Corporation (Freddie Mac) and Man Group. He will step down from these positions before taking office. Mr. Musalem is a member of the Council on Foreign Relations and the Economic Club of New York. Previously, he served as chair and director of School the World, a non-profit committed to solving extreme poverty through education.
Related: Spencer Stuart and Bridge Partners Land New Leader for Federal Reserve Bank of New York
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. As part of the nation’s central bank, the bank promotes sound growth and financial stability in New England (Connecticut except Fairfield County, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and the nation.
Spencer Stuart Finds New Leader for the Federal Reserve Bank of Boston
Spencer Stuart recently assisted in the placement of Susan M. Collins as the new president and CEO of the Federal Reserve Bank of Boston. Eric Rosengren recently announced his retirement as Federal Reserve Bank of Boston president. The announcement follows a rigorous search, selection by the eligible (non-banker) members of the bank’s board of directors, and approval by the Washington-based board of governors of the Federal Reserve System.
“After an intensive search, we are thrilled to appoint this exceptionally well-qualified person to be the bank’s president and a key leader in the Federal Reserve System,” said Christina Paxson, president of Brown University and chair of the bank’s board of directors, who also led the presidential search committee. “Dr. Collins brings the technical expertise and insight to contribute to policymaking and the leadership ability to head the organization. She is deeply committed to serving the public, engaging with constituents, and advancing economic stability, opportunity and prosperity for the region and nation through the work of the central bank,” she said.
Privately held since 1956, Spencer Stuart focuses on delivering knowledge, insight, and results through the collaborative efforts of a team of search professionals — now spanning 56 offices, 30 countries, and more than 50 practice specialties. The firm helps boards and leaders address their leadership needs in areas such as senior-level executive search, board recruitment, board effectiveness, succession planning, in-depth senior management assessment and many other facets of organizational effectiveness.
Assisting the Federal Reserve
Spencer Stuart has assisted with the hiring of half of the current Fed presidents, including that of New York Fed’s John Williams in 2018, as well as the system’s first black regional Fed president, Atlanta Fed’s Raphael Bostic, in 2017, as well as its only other non-white president, Minneapolis Fed’s Neel Kashkari. Spencer Stuart was also involved in the search for Cleveland Fed’s Loretta Mester in 2013 and Chicago Fed’s Charles Evans in 2007.
Spencer Stuart works with clients across the asset management, consumer financial services, global banking and markets, insurance, private wealth management, and real estate sectors. The financial services industry represents one-fifth of Spencer Stuart’s worldwide client base. The firm has conducted more than 3,600 senior-level executive assignments over the past three years. Nearly one-third of its placements in the industry are diverse. Seventy percent of Spencer Stuart’s assignments annually are for returning clients.
Related: Diversified Search Places CEO at Federal Reserve Bank of San Francisco
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Executive Editor; Lily Fauver, Senior Editor – Hunt Scanlon Media
