The Federal Reserve Bank of Minneapolis on Tuesday named former Treasury official Neel Kashkari its new president and chief executive officer.
The 42-year-old Kashkari's term will start at the beginning of next year. He replaces Narayana Kocherlakota, who has held the position since 2009 and announced last year he would not seek reappointment.
Kashkari, who ran for governor of California in 2014, was most recently active in the private sector as a managing director at Pimco. From 2006 to 2009, he served in the U.S. Department of the Treasury as an adviser to former Secretary Hank Paulson and then as assistant Treasury secretary.