NEW YORK (TheStreet) -- Dennis Lockhart, president and CEO of the Federal Reserve Bank of Atlanta, will be stepping down from his position in February 2017, the Atlanta Fed announced on its website Tuesday morning.
"After 10 years of service at the Atlanta Fed, Lockhart plans to continue to pursue interest in public policy, civic work and private business," the statement reads.
Lockhart will step down from his role at the head of the Atlanta Fed on February 28, 2017. Chair of the board of the Atlanta Fed Thomas Fanning will lead a search committee to find Lockhart's replacement. However, there is no timetable for finding a new president, the statement said.
The Dow hit session lows following the announcement, Fox Business Network's Stuart Varney reported on "Varney and Company" this morning.
"I think the significance here is that people are watching every twist and turn of the Fed governors. In Shanghai last week one Fed governor said 'we must raise rates,' another Fed president said 'no this is the wrong time.' It's impossible to discern, we've got to get focused, pick a plan," businessman Peter Kiernan told Varney.