William C. Dudley, Federal Reserve Bank of New York president and chief executive officer, intends to retire in mid-2018 “to ensure that a successor is in place well before the end of his term,” the Fed said in a statement Monday, confirming reports from the weekend.

Federal Reserve Bank of New York President William Dudley
Federal Reserve Bank of New York President William Dudley Bloomberg News

Dudley’s term ends in January of 2019.

“I have deeply appreciated Bill Dudley’s enormous contributions to the FOMC, his wise counsel and warm friendship throughout the years of the financial crisis and its aftermath,” said Federal Reserve Board Chair Janet Yellen in a statement. “The American economy is stronger and the financial system safer because of his many thoughtful contributions.”

In the statement, Dudley thanked “Tim Geithner, Ben Bernanke and Janet Yellen for giving me the opportunity to work closely with them during the crisis and the subsequent economic recovery.” He called “leading the New York Fed and being a member of the FOMC … a dream job.”

“The eligible members of the New York Fed’s Board of Directors, those without bank affiliations, have begun the process for finding Mr. Dudley’s successor,” according to the statement.

Dudley, as New York Fed president, serves as vice chair of the Federal Open Market Committee. His departure means turnover in the top three Fed spots, following the resignation of Fed Vice Chair Stanley Fischer and President Trumps’ decision not to retain Yellen.

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