For immediate release

Contact: Daneil Mazone, Media Relations

Philadelphia, PA — The Federal Reserve Bank of Philadelphia today launched the search for its next 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 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 committee will conduct a rigorous, comprehensive search to identify a diverse pool of qualified candidates who demonstrate expertise and a deep commitment to public service. In addition to Ibargüen, the search committee includes the following Philadelphia Fed Class B and C directors: 

  • Sharmain Matlock-Turner, CEO, Urban Affairs Coalition and deputy chair of the Philadelphia Fed board of directors
  • John Fry, President, Drexel University
  • Julia H. Klein, leader in the distribution industry
  • William Lo, CEO and Founder, Crystal Steel Fabricators, Inc.
  • Bret Perkins, Senior Vice President, External and Government Affairs, Comcast Corporation

Spencer Stuart, a global executive search firm, has been retained to support the committee’s work.

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.

Information on the presidential search, including the full position description and how to apply, can be found at www.philadelphiafed.org/PresidentialSearch. 

President Harker’s tenure will conclude on June 30, 2025, in accordance with Federal Reserve mandatory age and length of service policies.