Atlanta Fed President Dennis Lockhart said Tuesday he is stepping down, effective Feb. 28.
"It has been an enormous privilege to serve as president of the Federal Reserve Bank of Atlanta," Lockhart said in a statement. "The Atlanta Fed is an outstanding organization, and its employees are steadfastly dedicated to helping ensure the health and stability of our nation's economy and financial system. I am proud of the work we have accomplished together, and I believe the Bank is well positioned for the future."
Lockhart, 69, has served in his role since March 1, 2007 and is beyond the 65-year age limit that the Fed sets for reappointment of regional bank presidents to a new 10-year term, Reuters reported. He plans on continuing to pursue his "interests in public policy, civic work and private business," the bank said.
Prior to this announcement, Lockhart was set to become an alternate member of the Federal Open Market Committee in 2017.
The search committee for Lockhart's successor will be led by Thomas Fanning, president and CEO of Southern Company and chair of the Atlanta Fed's board of directors. While there is no set timetable for naming a new president, the bank said Marie Gooding, first vice president and chief operating officer of the Atlanta Fed, would serve as interim president if a successor is not chosen before Feb. 28.
The bank said it will host a live webcast on Oct. 6 at 2 p.m. ET to explain the search process and answer questions.
— Reuters contributed to this report.