The Chicago Federal Reserve Bank's board of directors has begun a search for a new bank president to succeed Charles Evans, who on Thursday announced his retirement early next year. Evans will reach the Federal Reserve's mandatory retirement age in January.

Presidents of the regional Fed banks can serve until they’re 65, according to the Brookings Institution. However, if they are appointed after the age of 55, they can serve for a maximum of 10 years or until they’re 75, whichever comes first.

The bank has hired Diversified Search Group to assist on the search, the bank said in a statement.