November 25, 2008

Committee to find Geithner’s replacement

The Federal Reserve Bank of New York is looking for a new head since since Tim Geithner was named as President-elect Barack Obama's pick for treasury secretary.

The bank's board is preparing to create a search committee to select a candidate for the $398,200-a-year job, The Financial Times reported Tuesday.

Among potential candidates being discussed are Kevin Warsh, a Federal Reserve Board governor; William Dudley, executive vice president of the New York Fed's markets group; and Terrence Checki, head of the New York Fed's emerging markets and international affairs group.

Geithner has not yet formally resigned from the New York Fed. Once he resigns, the newspaper said, the bank will set up a search committee to draft a list of candidates and make the final choice.

Members of the bank's board of directors includes several chief executives, including Jamie Dimon of JPMorgan Chase, Jeffrey Immelt of General Electric and Indra Nooyi of PepsiCo.