The headquarters of the Federal Reserve Bank of Boston. Image Courtesy of Fox-orian / CC BY-SA 3.0
The search for the Federal Reserve Bank of Boston’s next president and CEO has begun, with board chair and Brown University president, Christina Paxson, leading the search committee.
“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,” Paxson said in a statement released yesterday by the Boston Fed.
The Boston Fed said the search process would not have a strict deadline or timeline.
“Finding the right leader is the priority, not meeting a specific date,” the statement said.
Paxson will be joined by five other members of the Boston Fed’s board of directors. By law, directors who are affiliated with regulated banks cannot participate in the selection of the next president. The Federal Reserve board of governors must approve the selection.
The other committee members are Corey Thomas, deputy chair of the Boston Fed’s board of directors and chairman and CEO of global cybersecurity provider Rapid7; Lizanne Kindler, CEO of Talbots and executive chair of the Ascena Retail Group Inc.; Kimberly Sherman Stamler, president of Related Beal; Dr. Lauren Smith, chief health equity and strategy officer at the CDC Foundation; and Roger Crandall, chairman, president and CEO of Massachusetts Mutual Life Insurance Company.
The search comes after the Boston Fed’s former president, Eric Rosengren, resigned last month, citing a worsening, longstanding kidney condition. Rosengren had been slated to retire in June 2022 when he reached age 65, the mandatory retirement for federal reserve bank presidents. Rosengren had been president for 14 years and spent 35 years at the Boston Fed.
The retirement also came after news reports showed that Rosengren and Dallas Fed president Robert Kaplan had engaged in stock trading during 2020 that raised ethics questions. Kaplan also resigned last month.
The bank’s first vice president and chief operating officer, Kenneth C. Montgomery, is currently the Boston Fed’s interim president and CEO.
Paxson said in the statement that the next president would 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,” Paxson said.
The statement also said that the search committee would be committed to incorporating community and stakeholder input. The Boston Fed’s region includes all of Connecticut except Fairfield County.
“We want to hear from the Boston Fed’s constituencies and learn more about what they value in the role,” Paxson said. “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.”
The Boston Fed has created a webpage that includes the job description, a link for the public to email the committee, and a link to email applications and nominations.
The site also includes a four-minute video featuring Paxson and Thomas discussing what the search committee will look for in the next president, including expertise in economic policy and regulation, understanding of digital banking, and a commitment to diversity, equity and inclusion.
