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Economy and Business

Regional Fed chief Pianalto is retiring
Pianalto has headed the Cleveland Federal Reserve for a decade

Web Editor
M.L. Schultze
Sandra Pianalto speaking yesterday in Cleveland about the need for education and training to improve the regional economy
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In The Region:
One of the most powerful women in the region is retiring. WKSU’s M.L. Schultze has more on the announcement from the CEO of the Federal Reserve Bank of Cleveland.
LISTEN: Pianalto will leave in early 2014

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Sandra Pianalto joined the Cleveland Fed in 1983 and had been its chief executive for the last decade. She plans to retire early next year, and says she’s leaving the regional institution “confident (it is) well positioned to address the challenges and opportunities facing the bank and the Federal Reserve System.

The chairman of the bank’s board, Richard Smucker, credits Pianalto with shepherding the bank through “one of the most difficult times in our nation’s economic history.”

The bank’s Deputy Chairman Christopher Connor, who is also CEO of The Sherwin-Williams Company, will head the search committee, which hopes to name her sucssessor early next year.

The bank has nearly 1,000 employees and covers Ohio, western Pennsylvania, eastern Kentucky and the panhandle of West Virginia. Together with 11 other regional Fed banks, it helps shape national monetary policy.

Pianalto started as a research economist, and was named vice president and board secretary in 1988. She became first vice president in 1993. She’s a vice chair of the board of  University Hospitals, an advisory trustee for The University of Akron and serves on The Cleveland Foundation, Greater Cleveland Partnership, Team Northeast Ohio (Team NEO), and College Now Greater Cleveland. She’s also a strong advocate for improving training and education in the region as a key to economic growth.

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