November 19, 2021 – Financial services organizations, generally, are facing a new competitive landscape, regulatory challenges, and a constant struggle to manage cost and efficiency. It is an environment growing in complexity by the day. This requires strategic leaders, both men and women, with a multidimensional skillset and competencies that often go above and beyond any typical job description. To identify the best leaders, banks continue to turn to executive recruitment firms at a blistering pace.
The latest search: The Federal Reserve Bank of Dallas has kicked off the search for a new president to replace Robert Kaplan, the bank’s previous top executive who left last month after a scandal over his personal financial transactions. The organization has picked Egon Zehnder to lead its search efforts. The bank’s president represents the banking communities within the 11th Federal Reserve district and oversees 1,300 employees. The president also represents the Dallas Fed on the Federal Open Market Committee, the Fed’s monetary policy-making body. The role is responsible for setting strategic vision for the organization and ensuring its efficient operation.
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The search committee that has been formed to oversee the assignment will consider a large, diverse, nationwide pool of candidates, both within and outside the Federal Reserve System, who meet the position’s qualifications.
The Dallas Fed board’s search committee is made up of the following directors: Claudia Aguirre, president and CEO, BakerRipley; Greg L. Armstrong, co-founder and retired chairman & CEO, Plains All American Pipeline LP; Thomas J. Falk, retired chairman and CEO, Kimberly-Clark Corporation; Renard U. Johnson, president and CEO, METI Inc.; Gerald B. Smith, chairman and CEO
Smith Graham & Co. Investment Advisors LP; and Cindy Taylor, president and CEO, Oil States International Inc.
The bank did not provide a timeline for its search, but similar efforts at other banks and at the Dallas Fed itself have typically taken six to 12 months. The Dallas Fed chief rotates into a voting spot on the Fed’s policymaking panel in 2023. The bank’s president is appointed by the Dallas Fed’s Class B and C directors (those elected or appointed to represent the public) subject to approval by the Federal Reserve System board of governors, as mandated by the Federal Reserve Act.
“I am looking forward to beginning the process of searching for the next great leader to continue the important work of the Federal Reserve Bank of Dallas and to positively benefit the eleventh district and our country,” said Thomas Falk, search committee co-chair.
Mr. Kaplan and the former president of the Boston Fed, Eric Rosengren, drew criticism in September after revealing they had made extensive personal trades during the height of the pandemic crisis in 2020.
The Boston Fed turned to Spencer Stuart in July to help in its search for a new president and CEO to replace Mr. Rosengren. The Boston Fed’s board of directors formed a search committee, consisting of directors who are not members of the banking industry, in keeping with U.S. law and the bank’s bylaws. The committee is conducting a rigorous nationwide search to identify a broad and diverse pool of highly qualified candidates, with support from Spencer Stuart.
Spencer Stuart has assisted other banks in the Federal Reserve System, including joining forces with Bridge Partners to land a new leader for the Federal Reserve Bank of New York. The search firm also handled the CEO search for the Federal Reserve Bank of Atlanta.
‘2021 Hunt Scanlon Financial Services Recruiting’ Special Issue
Executive Search Review has just released its 2021 Financial Services Recruiting special issue newsletter! The profile of modern financial services leaders continues to change amid the sector’s renewed focus on customers for revenue growth, service digitalization, a renewed focus on risk management, and increasing investor and regulatory scrutiny, according to executive recruiters. The COVID-19 crisis has only heightened the need for top talent that has the ability to pivot and steer. businesses through hard times and onto firm ground. So it is that skilled leaders are being sought throughout financial services and across a myriad of functional
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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.
Egon Zehnder’s global wholesale and investment banking practice works closely with international and regional banks and advisory firms to address executive hiring needs and support strategic assessment and development of individual leaders and teams. It has more than 45 consultants worldwide who are serving clients in this sector, advising boards, CEOs, and executives on industry-specific leadership strategies, and are career advisors to many top professionals in the industry.
Contributed by Scott A. Scanlon, Editor-in-Chief; Dale M. Zupsansky, Managing Editor; and Stephen Sawicki, Managing Editor – Hunt Scanlon Media