The Federal Reserve announced Monday its most significant change in staff since Fed Chair Jerome Powell took office in February.

David Wilcox, Federal Reserve director of the division of research and statistics, announced he will retire at the end of 2018.

This announcement comes after 30 years of service with the Federal Reserve board, which includes seven years as the director of the division.

During his time as director, Wilcox has been responsible for overseeing the division’s 350 employees, as well as briefing the Federal Open Market Committee on the outlook of the U.S. economy.

The board's division of research and statistics engages in economic analysis, forecasting and research related to the domestic economy and financial markets. It also conducts several major programs in economic measurement and provides research and analysis supporting the Federal Reserve’s financial stability responsibilities and supervisory and regulatory activities.

“David's depth of expertise and wise counsel have helped guide the Federal Reserve through a time of unprecedented challenges,” Powell said. “We will miss his prowess as an economist, his leadership in promoting diversity and inclusion in the field of economics, as well as his incomparable wit and good humor.”

Wilcox served under several Fed chairs including Ben Bernanke, Janet Yellen and now, Powell. The Fed will begin searching for his replacement later this year.

Wilcox was first named director in July 2011, before which he served on the board’s staff from 1986 to 1997 in a variety of assignments that included economic forecasting, economic measurement and monetary policy formulation.

In 1994 and 1995, Wilcox was chosen to serve on the staff of the president’s Council of Economic Advisors.

Later, in 1997, Wilcox resigned from the Federal Reserve to serve as assistant secretary for economic policy at the U.S. Department of the Treasury. He then returned to the board staff in 2001, when he began at his current role.