December 1, 2008 / 4:31 PM / 11 years ago

Geithner to stay NY Fed president for several weeks

NEW YORK, Dec 1 (Reuters) - Timothy Geithner will continue to serve as president of the New York Fed for the next several weeks to allow for an orderly transition, the New York Federal Reserve said on Monday, adding that it has started a search for his replacement.

The New York Fed’s board of directors said it has created a search committee, which consists of Stephen Friedman, chairman of the bank’s board of directors, and two other directors, Charles Wait and Denis Hughes.

The committee will try to complete its work as promptly as it prudently can, the New York Fed said on its website.

Geithner was named by President-elect Barack Obama last week as his choice for Treasury Secretary. (Reporting by Kristina Cooke; Editing by Tom Hals)

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