The Philadelphia Federal Reserve Bank named Patrick Harker as its new president and chief executive on Monday.
Harker's appointment will be effective July 15 and will succeed Charles I. Plosser, the bank said in a statement.
"We were fortunate to have an exceptional and wonderfully diverse slate of candidates and are delighted that Pat Harker emerged as the best person to serve as the next president and chief executive officer of the Federal Reserve Bank of Philadelphia," James E. Nevels, chairman of the Philadelphia Fed's board of directors, said in the release.
Harker is the current president of the University of Delaware and a member of the bank's board of directors.
Plosser's retirement became effective Sunday.