Philadelphia Fed launches search for CEO to succeed former UD President Harker

The Federal Reserve Bank of Philadelphia is launching the search for a president and CEO to succeed Patrick Harker, former president of the University of Delaware.

Harker'will retire on June 30, 2025, in under Federal Reserve mandatory age and length of service policies.

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.

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," Ibargüen stated. "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 Philadelphia Fed Class B and C directors: Spencer Stuart, a global executive search firm, has been retained to support the committee's work.The Philadelphia Fed's territory includes Delaware, a large portion of Pennsylvania and central and southern New Jersey.The president of the Philadelphia Fed plays a key key role in shaping monetary policy as a member of the Federal Reserve System's Federal Open Market Committee. Harker served on that committee last year. All Federal Reserve bank presidents participate in discussions on setting interest rates.The Philadelphia Fed presidents maintains relationships with constituencies, including business leaders, community representatives, and bankers to gain insights into the Third District's economy, a release stated.President Harker's time at the bank will end on June 30, 2025, in keeping e with the Federal Reserve's mandatory age and length of service policies. Harker, one of the nation's highest paid state unviersity presidents, stepped down as UD president to take the Federal Reserve post in 2015.