Brian Sack, head of the markets group for the Federal Reserve Bank of New York, is leaving his post, effective Sept. 14.

A successor has yet to be named, but a search is already underway, the N.Y. Fed said Thursday.

Sack, who assumed that role in June 2009, will stay on until June 29 to ensure a smooth transition, according to the bank.

"Brian's service to the bank over the past three years has been critical to our response to the financial crisis and the country's economic recovery," William Dudley, the president of the N.Y. Fed, said in a press release.

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