Federal Reserve Bank of St. Louis Launches Presidential Search

August 28, 2023

Today, the Federal Reserve Bank of St. Louis formally launched the search process to hire its next president and CEO.

The St. Louis Fed retained Spencer Stuart, a global executive search and leadership consulting firm, to assist the Search Committee in conducting the search. Selection of Spencer Stuart followed a formal procurement process, including interviews of several qualified firms by Search Committee members.

“The search process will be robust, transparent, fair and inclusive,” said Jim McKelvey, chair of the St. Louis Fed board of directors and chair of the Search Committee. “The Search Committee is focused on finding the next great leader of the St. Louis Fed — someone distinctly qualified to advance its mission to promote a healthy economy and financial stability and further the Bank’s longstanding reputation for leadership and impact.”

The Federal Reserve Act specifies that Reserve Bank presidents shall be appointed by the Class B and Class C directors of the Bank’s board (both of which, by statute, represent the public), subject to the approval of the Board of Governors. The Act further expressly excludes Class A directors from the appointment process to avoid any potential conflicts of interest (given that, by law, Class A directors are to represent District member banks).

Members of the St. Louis Fed Search Committee are:

  • James M. McKelvey Jr., Chair
    Founder and CEO, Invisibly Inc., St. Louis
    Chair, board of directors
    Class C director
  • Carolyn Chism Hardy, Deputy Chair
    President and CEO, Chism Hardy Investments LLC, Bartlett, Tenn.
    Deputy chair, board of directors
    Class C director
  • Lal Karsanbhai
    President and CEO, Emerson Electric Co., St. Louis
    Class C director
  • R. Andrew Clyde
    President and CEO, Murphy USA Inc., El Dorado, Ark.
    Class B director
  • Penny Pennington
    Managing partner, Edward Jones, St. Louis
    Class B director
  • Michael Ugwueke
    President and CEO, Methodist Le Bonheur Healthcare, Memphis, Tenn.
    Class B director

The St. Louis Fed has posted on its presidential search website the job profile and a dedicated inbox for submitting interest or suggested candidates directly to the search firm. Those interested in the job must apply directly with the search firm: stlouisfedpresident@spencerstuart.com.

Additionally, the Search Committee welcomes public input and comment about the search. A dedicated email address has been provided for the public to provide feedback: presidentsearch@stls.frb.org.

The interim president and CEO role is currently filled by Kathleen O’Neill Paese, the Bank’s first vice president and chief operating officer. O’Neill Paese moved into the interim role when former St. Louis Fed President James Bullard stepped down in July to become the inaugural dean of the Mitchell E. Daniels, Jr. School of Business at Purdue University.

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Headquartered in St. Louis, with branches in Little Rock, Louisville and Memphis, the Federal Reserve Bank of St. Louis serves the states that comprise the Federal Reserve’s Eighth District, which includes all of Arkansas, eastern Missouri, southern Indiana, southern Illinois, western Kentucky, western Tennessee and northern Mississippi. The St. Louis Fed is one of 12 regional Reserve banks that, along with the Board of Governors in Washington, D.C., comprise the Federal Reserve System. As the nation's central bank, the Federal Reserve System formulates U.S. monetary policy, regulates state-chartered member banks and bank holding companies, provides payment services to financial institutions and the U.S. government, and promotes financial literacy, economic education, and community development.

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