Philadelphia, PA — Charles I. Plosser, president and chief executive officer of the Federal Reserve Bank of Philadelphia, today announced that he will retire, effective March 1, 2015. President Plosser, 66, has served as the 10th president of the Philadelphia Fed since August 1, 2006.
"For more than eight years, I have had the honor to work alongside many talented colleagues here at our Bank and throughout the Federal Reserve System during an extraordinary period in this nation's economic history. After more than three decades of economic research and teaching, this has been a unique opportunity and privilege to serve the nation," said Plosser.
"Charles Plosser has been an insightful and dedicated leader and colleague in the Federal Reserve System," said Federal Reserve Chair Janet Yellen. "I am particularly grateful for his vital contributions to the work of the subcommittee on communications. My colleagues and I will miss his keen insights, deep analysis, and good humor."
"President Charles Plosser has made significant contributions to the Philadelphia Fed, to the Third District, and to the Federal Reserve System. He has demonstrated exceptional leadership and promoted improved operating performance and governance, especially during his time as chair of the System's Conference of Presidents. He has also provided wise and thoughtful guidance on the direction of monetary policy for our nation," said James E. Nevels, chairman of the Bank's board of directors.
Nevels, founder and chairman of The Swarthmore Group, will cochair a search committee with Deputy Chairman Michael J. Angelakis, vice chairman and CFO of Comcast Corporation.
"The search committee will look at a broad, diverse group of candidates from inside and outside the Federal Reserve System," said Angelakis. "We will seek individuals who have the economic and leadership experience to be an effective policymaker and the chief executive of the Bank." An executive search firm will assist in identifying potential candidates.
President Plosser's bio and photo can be found here on the Bank's public website.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.
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President Charles I. Plosser, 66, who has served as the Bank's president since August 2006, will retire effective March 1, 2015. The Bank will conduct a broad search and consider a diverse group of candidates from inside and outside the Federal Reserve System.