NY Fed moving ahead to seek Geithner replacement

NEW YORK (Reuters) - The New York Federal Reserve's board of directors is moving ahead "with prudent expedition" in finding a replacement for departing president Timothy Geithner, the head of the search committee told Reuters on Tuesday.

Stephen Friedman, the chairman of the New York Fed's board of directors, spoke on the sidelines of the McKinsey Executive Roundtable in New York.

On Monday, President-elect Barack Obama on Monday nominated Geithner for Treasury Secretary.

Given the backdrop of the worst financial crisis since the Great Depression finding a replacement for Geithner to lead the New York Federal Reserve is of greater importance than ever, as the bank acts as the financial system's crisis manager.

(Reporting by Kristina Cooke; Editing by James Dalgleish)