San Francisco, California – The Federal Reserve Bank of San Francisco’s board of directors today announced the search for the bank’s 13th president and chief executive officer. The incumbent bank president, John C. Williams, was recently named to lead the Federal Reserve Bank of New York. He will transition into his new role, effective June 18, 2018.
A search committee comprised of four members of the bank’s head office board of directors has been formed to lead the search. In keeping with the Federal Reserve Act, only Class B and Class C directors – those unaffiliated with regulated banks or financial institutions – are eligible to participate in the selection of a Federal Reserve Bank president.
The members of the board’s search committee are:
- Alex Mehran, chairman and CEO of Sunset Development Company. Mehran chairs the bank’s head office board and will also serve as the search committee chair;
- Tamara Lundgren, president, CEO and director of Schnitzer Steel Industries, Inc.;
- Barry Meyer, retired chairman and CEO of Warner Bros. Entertainment and founder and chairman of North Ten Mile Associates. Meyer serves as deputy chair of the bank’s head office board; and,
- Rosemary Turner, president of UPS Northern California.
The search committee has retained Diversified Search, the largest female-owned and founded firm in the search industry. Diversified Search has offices across the U.S. and is part of an international alliance of independent executive search firms that spans 36 countries. Diversified Search will help the board search committee conduct an extensive search for the next president and CEO of the Federal Reserve Bank of San Francisco.
“The San Francisco Fed has a legacy of success with regard to hiring and promoting strong capable leaders into its senior management ranks. Janet Yellen led the San Francisco Fed prior to being named vice chair, and later chair, of the Federal Reserve’s Board of Governors,” Mehran said. “She and John Williams have both been outstanding public servants who have made profound contributions to our nation’s monetary policies and to the San Francisco Fed’s inclusive, forward-leaning work culture. Our board is committed to continuing this legacy of strong leadership and to finding the best and most qualified person to lead the San Francisco Fed from a diverse candidate pool.”
Mehran further stressed the board’s commitment to a broad and inclusive search process. He said the process will include soliciting input from stakeholders inside and outside of the San Francisco Fed’s district regarding the professional expertise and leadership attributes that embody the ideal presidential candidate and the sourcing of qualified candidates.
According to Mehran, there is no set timeline for completing the search. The search committee will continue to field, vet and interview qualified candidates until it has identified the best person for the job. The final candidate will then be appointed by the Class B and Class C directors in concurrence with the Federal Reserve Board of Governors.
Periodic updates on the search committee’s progress will be posted to the bank’s presidential search webpage. Visitors to the site can also find the job description for the San Francisco Fed president with contact information for Diversified Search.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.