(Bloomberg). — Federal Reserve Bank of Chicago President Charles Evans will retire in the early part of next year, according to Thursday’s announcement.

“It has been an honor to serve as a president of the Chicago Fed and as a member of the Federal Open Market Committee for the last 14 years,” Evans, who has served as the regional Fed bank’s president since 2007, said in a statement.

According to the Chicago Fed, a committee has been formed in order to replace him. The committee “is conducting a nationwide search to identify a broad, diverse and highly qualified pool of candidates” and has retained Diversified Search Group, an executive search firm, to assist with the search.

Evans had previously said he’d be stepping down when he reached the age of 65 in January 2023, in line with Fed guidelines for regional bank presidents.

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