The Bank Slate


Former Goldman exec to lead Cleveland Fed

The Federal Reserve Bank of Cleveland has selected its next CEO.

The Cleveland Fed said in a press release that Beth Hammack will also become its president on Aug. 21. She will succeed Loretta Mester, whose tenure will conclude on June 30, consistent with the Fed’s mandatory age and length-of-service policies.

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,” Heidi Gartland, chief government and community relations officer with University Hospitals and chair of the presidential search committee and the Cleveland Fed’s board of directors, said in the release.

Hammack recently served as co-head of global financing at Goldman Sachs Group. She left the company in February.

The selection process was led by a search committee.

Cleveland Fed First Vice President Mark Meder will serve as interim president and CEO.

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