University of Delaware President Patrick Harker told students and faculty in a letter Monday that he plans to resign this summer and become the president and CEO of the Philadelphia Fed.
"It has been an honor and a privilege to serve as president of this University. Working with our motivated students, illustrious faculty and dedicated staff has been inspiring, invigorating and unforgettable," Harker said in the letter.
The 56-year-old Harker has been Delaware's president for the past eight years. Harker previously served as the dean of the Wharton School of the University of Pennsylvania.
"Together we have accomplished much over the past eight years, facing challenges, crafting solutions, maximizing opportunities and ensuring the future of this noble institution," he wrote.
Gil Sparks, chairman of the University's Board of Trustees, said, "Pat Harker's strong and thoughtful leadership has served the University of Delaware well through a period of considerable change in American higher education. We thank him for all he has done for the University and for the State, and I know my fellow trustees join me in wishing him well on his new endeavor."
Harker will continue to actively serve as UD's president through June 30, and plans for the search to find his successor will be announced in due course, Sparks said.
Harker replaces Charles Plosser, who retired Sunday, becoming the 11th president and CEO of the Philadelphia Fed. He takes over on July 1. Harker has served as a non-banking Class B director of the Philadelphia Fed for the past three years, according to the university. As president, he will participate on the Federal Open Market Committee in the formulation of U.S. monetary policy, and will oversee 900 employees at the Philadelphia Fed.
In announcing the appointment, James E. Nevels, chairman of the Philadelphia Fed's board of directors, said, "We were fortunate to have an exceptional and diverse slate of candidates and are delighted that Pat Harker emerged as the best person to serve as the next president and chief executive officer of the Federal Reserve Bank of Philadelphia. His deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board."
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey and Delaware.