Boston Federal Reserve Bank Launches Search for Next President and CEO
Search for next CEO and policymaker will draw from a broad and diverse nationwide pool of talent
The Federal Reserve Bank of Boston launched the search for its next president on Tuesday. Dr. Christina Paxson, the president of Brown University and chair of the Bank’s board of directors, is chairing the Presidential Search Committee.
“The Boston Fed president can truly make a difference in the economic and financial security of the people of New England and the nation,” said Paxson.
In a short video about the search and the job, she said “the committee is approaching this search in a very open and broad way – doing a lot of outreach, collecting information and ideas from stakeholders, and being very open to ideas about who could be great in this position.”
The Presidential Search Committee is made up of a diverse group of leaders from across New England. In addition to Paxson, the committee includes the following members of the Bank’s board of directors:
- Mr. Corey Thomas, chairman and CEO of global cybersecurity provider Rapid7, and deputy chair of the Bank’s board of directors;
- Ms. Lizanne Kindler, CEO of Talbots and executive chair of the Ascena Retail Group, Inc.;
- Ms. Kimberly Sherman Stamler, president of Related Beal;
- Dr. Lauren Smith, M.D., chief health equity and strategy officer at the CDC Foundation;
- Mr. Roger Crandall; chairman, president, and CEO of Massachusetts Mutual Life Insurance Company.
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.
Gathering Input, and Candidates
The search committee is committed to incorporating broad community and stakeholder input. “We want to hear from the Boston Fed’s constituencies and learn more about what they value in the role,” said Paxson. “We know any candidate must have both superior credentials and a deep commitment to serving the public interest – because this organization's purpose is to serve the public good.”
Search Information Available
A dedicated webpage provides information about the search, and ways to provide input. The material available there includes a video overview from search committee leadership; the job description; and contact information for directing applications and nominations to Spencer Stuart, the executive search consultancy assisting with the search. FAQs, and a mailbox for input and questions, are also available. The website address is www.bostonfed.org/presidentialsearch.
The process does not have a strict deadline or timeline. Finding the right leader is the priority, not meeting a specific date.
“The job represents an incredible opportunity to lead a talented group of people who are making cutting-edge contributions across many areas, in the public interest,” said Paxson.
The role is currently filled by interim president and CEO Kenneth C. Montgomery, the Bank’s first vice president and chief operating officer. The role became available when the Bank’s former president, Eric Rosengren, moved forward his planned retirement by nine months to address health concerns, concluding 14 years as president and more than 35 years of service.
Paxson noted that the next president will be able to build on Rosengren’s and Montgomery’s leadership: “That means intellectual leadership in terms of policy, economic research, leadership in the community, and leadership within the Federal Reserve System – those are the things that we're looking for, and those are the things that define the Boston Reserve Bank.”