The Federal Reserve Bank of Cleveland has announced the appointment of Beth M. Hammack as its next president and chief executive officer, effective August 21, 2024. Hammack will succeed Loretta J. Mester, whose tenure concludes on June 30, 2024, in accordance with Federal Reserve policies.
In her new role, Hammack will represent the Fourth Federal Reserve District on the Federal Open Market Committee (FOMC) and lead the bank's 1,100 employees. "Beth Hammack is the ideal leader to build on the great work already underway at the Cleveland Fed to promote a healthy economy and financial stability within the region and on the national stage," said Heidi Gartland, chair of both the presidential search committee and the Cleveland Fed’s board of directors.
Hammack brings over 30 years of experience in finance, capital markets, and risk management. Most recently, she served as co-head of global financing at Goldman Sachs Group Inc., where she was a member of the management committee. Her previous roles at Goldman Sachs included global treasurer and global head of short-term macro trading.
She has also worked closely with U.S. policymakers as chair of the Treasury Borrowing Advisory Committee and as a member of both the Financial Research Advisory Committee and the Treasury Market Practices Group. Additionally, Hammack holds leadership positions on several nonprofit boards.
The selection process for Hammack was rigorous and involved multiple rounds of interviews conducted by a search committee comprising nonbanking members of the Cleveland Fed’s board of directors. The process included public town halls and community outreach to gather input on desired qualities for the next president.
"I am honored to become the next president of the Federal Reserve Bank of Cleveland," said Hammack. "It is a great privilege to serve the Fourth District, and I look forward to meeting its people both as their representative on the FOMC and as their neighbor."
Until Hammack assumes office in August, First Vice President Mark S. Meder will serve as interim president and CEO.
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that comprise part of America's central banking system along with the Board of Governors in Washington D.C. The bank participates in formulating national monetary policy, supervises banking organizations, provides payment services to financial institutions and supports community well-being through research, outreach, and educational activities across Ohio, western Pennsylvania, eastern Kentucky, and northern West Virginia.
For further information regarding this announcement or details about past searches for leadership roles within this institution can be found at [Presidential Search (clevelandfed.org)](https://www.clevelandfed.org).
Doug Campbell can be contacted for additional comments or queries via email at doug.campbell@clev.frb.org or phone at 513-218-1892.
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