New York Federal Reserve Bank President William Dudley, a key figure in the unprecedented government response to the financial crisis, will retire in mid-2018.

Dudley, who has headed the bank since 2009, will likely retire sometime in the spring or summer of 2018 when his replacement is found and approved, sources told CNBC. His term ends in January 2019. A search committee has already been formed.

The New York Fed confirmed the plans Monday morning.

Dudley, who will be 65 next year, took the helm of the New York Fed when the banking system was still in the throes of the worst financial crisis of the post-war era. Dudley was a principal player in Fed decisions concerning the demise of Lehman Brothers, AIG and Bear Stearns, along with emergency measures taken by the central bank to staunch a meltdown in the financial system.

Read more in CNBC.