New York Federal Reserve President and CEO William Dudley announced Monday he will retire from his post in mid-2018.
The Fed executive made the decision to step down ahead of the end of his term in January of 2019 in order to “ensure that a successor is in place well before,” the central bank said in a statement.
“The American economy is stronger and the financial system safer because of his many thoughtful contributions. The Federal Reserve System and the country owe him a debt of gratitude,” Federal Reserve Chair Janet Yellen said in a statement.
Dudley joined the New York Fed in 2007 and took over the top spot in 2009.