The Federal Reserve Bank of Cleveland announced the appointment of Beth M. Hammack as its next president and CEO, effective Aug. 21.
Hammack will succeed Loretta J. Mester, whose tenure ends on June 30, as per Federal Reserve mandatory age and length-of-service policies. Cleveland Fed First Vice President Mark S. Meder will serve as interim leader until Hammack takes office – at which point, she will also become a voting member of the policymaking Federal Open Market Committee.
Hammack was most recently co-head of global financing at the Goldman Sachs Group Inc.; her previous roles at the firm include global treasurer, global head of short-term macro trading, and global head of repo trading. She is also the current chairwoman of the board of the nonprofit Math for America and a member of the Northwell Health and City Harvest boards of trustees.
“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, chief government and community relations officer with University Hospitals and chairwoman of the presidential search committee and the Cleveland Fed’s board of directors. “Beth has a deep understanding of financial markets and the monetary policy transmission process, expertise in leading complex business lines, and a proven commitment to mission-focused work. Her appreciation for the diversity, history, and natural beauty of the Fourth District stood out during the interview process, as did her enthusiasm to make the region her home. The search committee is confident that Beth will employ all these qualities, along with her strategic mindset and talent for clear, accessible communication, in her new role serving the public.”
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