Cleveland Fed’s First Vice President Meder to Retire Next Year

Cleveland Fed's First Vice President Meder to Retire Next Year

The Federal Reserve Bank of Cleveland announces that First Vice President and Chief Operating Officer Mark S. Meder will retire next year. Meder, who has been in his current position since February 2022, has been with the Cleveland Fed for more than 33 years.

"I am deeply grateful to Mark for all the support and thoughtful guidance he shared with me as I stepped into my role," said Beth Hammack, president and chief executive officer of the Cleveland Fed. "His leadership, deep expertise, and commitment to public service have strengthened the institution and helped us advance our mission of serving the Fourth Federal Reserve District."

As first vice president, Meder is responsible for overseeing the Bank's operational and financial performance. He is a member of the Discount Committee, which reviews District discount window lending, and he is a backup for the Cleveland Fed president in the execution of her monetary policy responsibilities. He will continue as first vice president until March 31, 2027, and has agreed to stay on as a senior advisor to the president through a transition period.

A search for Meder's successor will begin immediately. Pursuant to Section 4 of the Federal Reserve Act and to the Cleveland Fed's bylaws, Class B and C directors will appoint the first vice president, subject to the approval of the Federal Reserve Board of Governors, to the remainder of the current term, which expires at the end of February 2031. Hammack will chair the search committee in her role as Bank president.

Meder began his career at the Cleveland Fed in 1993 in the Banking Supervision and Regulation Department. Over the past three decades, Mark has held various leadership roles, including serving as senior vice president and general auditor, chairing the System's Conference of General Auditors from 2019 through 2020.

Prior to being appointed to his current role, Meder was the executive vice president responsible for the Cleveland Fed's operations and technology functions, which comprise the Cash Department and Cash Product Office support, the Law Enforcement Unit, the Real Estate Services Group (facilities), and the Information Technology and Information Security Departments.

"It has been a privilege to serve alongside my colleagues at the Cleveland Fed and throughout the Federal Reserve System," Meder said. "Over more than three decades, I have been fortunate to work with dedicated public servants who bring integrity, purpose, and excellence to everything they do. I am proud of the work we have accomplished together."

Meder is a member of United Way of Greater Cleveland's board of directors and serves on the Livable Cuyahoga Advisory Council, an initiative of Cuyahoga County. He holds a BBA with a concentration in accounting from Cleveland State University and an MBA from Ohio State University.