The Philadelphia Fed Taps Spencer Stuart to Find New President and CEO
September 6, 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. The Philadelphia Fed recently retained Spencer Stuart to lead in its search for a new president and CEO to succeed Patrick T. Harker.
A committee composed of eligible members of the Philadelphia Fed’s board of directors has been formed to conduct the search, consistent with Federal Reserve policies and the Federal Reserve Act. By law, only directors not affiliated with regulated banks or financial institutions are eligible to help select a Federal Reserve Bank president. The choice must be approved by the Federal Reserve’s Board of Governors. The committee will be chaired by Anthony Ibargüen, CEO of Quench USA, Inc., and chair of the Philadelphia Fed board of directors.
“President Harker has done an excellent job leading the Philadelphia Fed and representing the Third District within the Federal Reserve System throughout the last decade,” said Mr. Ibargüen. “We will run an open and inclusive nationwide search including broad input from the Third District community. Our goal is to find a new leader who will carry on president Harker’s service to our communities and commitment to promoting a strong U.S. economy.”
The president of the Philadelphia Fed plays a key role in shaping monetary policy as a member of the Federal Reserve System’s Federal Open Market Committee and is responsible for the Bank’s payment services, bank supervision, and community engagement. The president maintains relationships with diverse constituencies, including business leaders, community representatives, and bankers to gain insight into the Third District’s dynamic economy.
The president and CEO should be an engaged, collaborative, and inspirational leader who champions the Bank’s culture of growth, innovation, and public service while guiding the Bank in fulfilling the System’s mission of fostering the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems, according to Spencer Stuart.
Related: Spencer Stuart Assists St. Louis Fed with CEO Search
To fulfill this duty, the President and CEO should be a visionary and strategic leader with a business development mindset who can provide a clear vision for the Bank to amplify its impact, importance, and vitality in the Third District as well as within the Federal Reserve System. They will have a strong commitment to community outreach and engagement across the Third District and will be a skilled relationship builder and communicator across a highly diverse set of stakeholders throughout the District and System. They will be a well-rounded and agile leader with the depth and breadth of experience to establish credibility as a thought leader on monetary policy while also positioning the Bank to capitalize on new opportunities.
Ideal Experience
- Respected professional and/or academic credentials in fields relevant to macroeconomic policymaking.
- Ability to clearly articulate the Federal Reserve System’s policy stances to various constituencies, including the board of directors, business and community groups, market participants, Philadelphia Fed staff, and the public.
- Demonstrated executive leadership and managerial ability with a proven track record of people management, driving organizational growth and development.
- Proven ability to shape and drive a positive organizational culture centered around service and innovation, and visible commitment to staff engagement, talent development, and diversity, equity, and inclusion practices.
- An understanding of new technologies and other data management capabilities to further support ongoing initiatives both at the Bank and across the System.
- Familiarity with the Federal Reserve System and/or prior public policy experience.
- History of active community participation and civic leadership.
- A terminal degree in economics or finance is not required but is preferred.
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.
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: Spencer Stuart and Bridge Partners Land New Leader for Federal Reserve Bank of New York
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
