St. Louis Federal Reserve President James Bullard announced Thursday he is stepping down from his position in mid-August.

"It has been both a privilege and an honor to be part of the St. Louis Fed for the last 33 years, including serving as its president for the last 15 years," Bullard said in a statement released Thursday afternoon.

Bullard is leaving on August 14 to become the dean of Purdue University's Mitchell E. Daniels, Jr. School of Business, according to the statement from the St. Louis Fed.

Kathleen O'Neill Paese, the St. Louis Fed's first vice president and chief operating officer, was confirmed Thursday by the bank's board and assumed Bullard's duties "immediately," according to the statement.

This story is developing and will be updated.