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James Bullard, president and chief executive officer of the Federal Reserve Bank of St. Louis, announced that he will step down from his position to become the inaugural dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.

Bullard’s last day at the St. Louis Fed will be on Aug. 14, and he will begin his new academic position the following day. Bullard joined the institution in 1990 as an economist in the research division and served as vice president and deputy director of research for monetary analysis before succeeding William Poole in the leadership role in 2008.

“It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years,” Bullard said in a statement. “This is an outstanding organization with staff in every area of the Bank bringing their passion, integrity and a deep sense of purpose to our mission of promoting a healthy economy and financial stability. The Bank is well-positioned for ongoing success and impact. I am also grateful to have worked alongside such dedicated and inspiring colleagues across the Federal Reserve System and for the opportunity to have worked for the many outstanding directors who have served on the St. Louis Fed board. It’s been an honor to serve this great institution.”

The 62-year-old Bullard could have stayed in his job until he reached a retirement age of 65 in 2026.

Kathleen O’Neill Paese, the St. Louis Fed’s first vice president and chief operating officer, will assume the duties of interim president and CEO, effective immediately.