Spencer Stuart Selected by the St. Louis Fed to Lead CEO Search

September 5, 2023 – 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 was recently retained by the Federal Reserve Bank of St. Louis to lead its search for a new president and CEO. The selection of Spencer Stuart followed a formal procurement process, including interviews of several qualified firms by search committee members. The new leader will replace James Bullard, the longest-serving central bank official and a closely watched voice on monetary and economic policy. Mr. Bullard unexpectedly announced his resignation in July. He officially left on Aug.14 to become a business school dean at Purdue University.

The bank said Spencer Stuart will look for a new leader in a process overseen by the bank’s board members, who do not hail from financial firms regulated by the Fed.

“The search process will be robust, transparent, fair, and inclusive,” said Jim McKelvey, chair of the St. Louis Fed board of directors and chair of the search committee. “The search committee is focused on finding the next great leader of the St. Louis Fed — someone distinctly qualified to advance its mission to promote a healthy economy and financial stability and further the bank’s longstanding reputation for leadership and impact.”

The CEO of the Federal Reserve Bank of St. Louis plays a significant role in the economic well-being of the central U.S. and the nation as leader of a diverse, multi-faceted organization committed to promoting a healthy economy, financial stability, and serving the public. The CEO is an influential policymaker, a highly respected thought leader, and a dedicated member of the local business community. The role is unique in both its scope and capacity to improve economic opportunity for those within and beyond the borders of the Eighth District.

Candidates must have respected credentials in macroeconomics or recognized/demonstrated stature in a field that contributes information vital to monetary policymaking. Fluency in banking supervision, payments systems, and Federal Reserve fiscal agent responsibilities is essential. Those applying must have demonstrated executive leadership and managerial ability with a proven track record of people management for a sizable and diverse organization. In addition, candidates should have proven ability to engage and communicate effectively across multiple constituencies as well as a history of active community participation and civic leadership both locally and nationally.

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, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media

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