Cleveland Fed taps firm in search for Pianalto successor

Thu Oct 31, 2013 12:28pm EDT

(Reuters) - Directors at the Federal Reserve Bank of Cleveland have hired executive search firm Spencer Stuart to help them find a successor to Sandra Pianalto, the president of the Fed branch who is set to retire early next year.

The search committee, made up of six members of the Cleveland Fed's board, tapped the New York-based firm earlier this month, according to spokeswoman June Gates.

Pianalto has run the Cleveland Fed since 2003 and has reliably backed the U.S. central bank's unprecedented stimulus efforts since the 2007-2009 financial crisis and recession.

(Reporting by Jonathan Spicer; Editing by Chizu Nomiyama)

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