The Federal Reserve Bank of Philadelphia has initiated the search for its next president and CEO to succeed Patrick T. Harker. A committee comprising eligible members of the Philadelphia Fed’s board of directors will conduct the search, adhering to Federal Reserve policies and the Federal Reserve Act. Only directors not affiliated with regulated banks or financial institutions are eligible to select a Federal Reserve Bank president, whose appointment must be approved by the Federal Reserve’s Board of Governors.
Anthony Ibargüen, CEO of Quench USA, Inc., and chair of the Philadelphia Fed board of directors, will lead the committee. “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 aims to identify a diverse pool of qualified candidates with expertise and a commitment to public service through a rigorous search process. In addition to Ibargüen, other members include:
– Sharmain Matlock-Turner, CEO, Urban Affairs Coalition and deputy chair of the Philadelphia Fed board
– 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 this effort.
The president of the Philadelphia Fed plays a significant role in shaping monetary policy as part of the Federal Open Market Committee and oversees payment services, bank supervision, and community engagement at the Bank. The position involves maintaining relationships with business leaders, community representatives, and bankers for insights into the Third District’s economy.
Further details on applying for this position can be found at www.philadelphiafed.org/PresidentialSearch.
President Harker’s tenure will conclude on June 30, 2025.
