The Federal Reserve Bank of San Francisco announces its president and chief executive officer, John C. Williams, is leaving the Bank to assume the presidency of the Federal Reserve Bank of New York.
The search committee comprised of four members from the Bank’s board of directors is formed. By statute, only members of the board of directors not affiliated with financial institutions are allowed to serve on the search committee. The San Francisco Fed’s search committee includes:
- Alex Mehran, chairman and CEO of Sunset Development Company. Mehran chairs the Bank’s head office board and chaired the search committee;
- 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 vice chair of the Bank’s head office board; and
- Rosemary Turner, president of UPS Northern California.
Diversified Search, the largest female-owned and founded firm in the executive search industry, is retained.
The board of directors begins the search for the Bank’s 13th president and chief executive officer. A job description, drafted with input from the Bank’s Vice President of Diversity and Inclusion and Office of Minority and Women Inclusion (OMWI) officer, is posted online.
Letters are also sent to 4,000 labor, business, academic, philanthropic, nonprofit, and community advocacy organizations to seek input on the search and for recommendations of potential candidates.
Search committee members conduct a series of meetings with internal stakeholders to describe the selection process, solicit input on professional skills, capabilities and leadership attributes most desirable in a Federal Reserve Bank president and to source qualified candidates. The meetings include:
- A town hall meeting with all Bank staff informing them of the status of the search.
- A meeting with leaders of the Bank’s employee resource groups;
- A meeting with Bank’s leaders on May 30 and a briefing to all Bank officers on May 31.
Throughout June, the search committee and Diversified Search conduct a series of meetings with external stakeholders to describe the selection process and seek input on the ideal attributes of candidates. The meetings include:
- Leaders of regional and national labor organizations, community leaders and representatives of community advocacy groups;
- Members of the boards of the Seattle, Portland, Salt Lake City and Los Angeles branches not affiliated with financial institutions; and
- The Bank’s Economic Advisory Council and Community Advisory Council
To generate additional awareness of the search among a diverse candidate pool, the search committee and Diversified Search conduct additional outreach activities to solicit recommendations of candidates to consider for the position. They contact a wide range of senior leaders, including from historically African-American colleges and universities, Prosperica, the Hispanic Association on Corporate Responsibility, and the Committee of 100.
Upon the conclusion of community outreach meetings, the search committee publishes the revised job description. Acting on input gained in the community outreach meetings, the search committee modifies the job description to underscore the emphasis on a proven history of leadership, significant monetary policy experience/expertise, and a demonstrated commitment to community engagement.
In all, the search committee and Diversified Search contact more than 280 prospective candidates to assess their qualifications and gauge their interest in the position. Of this pool, approximately 48 percent work in the private sector, 31 percent represent academia, 9 percent serve in the non-profit sector, 8 percent work in the Federal Reserve System, and 4 percent are in government. This candidate pool is 33 percent female and 33 percent are from a minority background.
The search committee identifies 12 candidates to interview who most closely fit the position qualifications. Interviews are conducted over a two day period in August.
The search committee holds final round interviews.
Mary C. Daly, the search committee’s preferred candidate, meets with the rest of the eligible members of the Bank’s boards of directors. Dr. Daly also meets with the Board of Governors of the Federal Reserve System.
The board of directors passes a resolution naming Dr. Daly as the president of the Federal Reserve Bank, effective October 1, 2018.
The Board of Governors approves Dr. Daly’s appointment.