Federal Reserve

Atlanta Federal Reserve Bank picks Raphael Bostic to succeed Dennis Lockhart as new president and CEO

Raphael Bostic
Rich Pedroncelli | AP

The Federal Reserve Bank of Atlanta said Monday that Raphael Bostic will succeed Dennis Lockhart as president and CEO.

Bostic, 50, will take on the role after Lockhart retired from the Atlanta Fed on Feb. 28.

"We are very pleased that Raphael will join the Atlanta Fed as its president and chief executive officer," said Thomas Fanning, chairman of the board of the Federal Reserve Bank of Atlanta.

"He is a seasoned and versatile leader, bringing with him a wealth of experience in public policy and academia. Raphael also has significant experience leading complex organizations and managing interdisciplinary teams. He is a perfect bridge between people and policy," he said.

Bostic said in a statement, "The Reserve Banks are vital contributors to our nation's economic and financial success. I'm excited about the opportunity to work with the Bank's well-respected staff in advancing the excellent reputation this organization has built over many years."

Lockhart served in his role since March 1, 2007, and is beyond the 65-year age limit that the Fed sets for reappointment of regional bank presidents to a new 10-year term, Reuters reported. He plans on continuing to pursue his "interests in public policy, civic work and private business," the bank said.

Bostic worked at the Federal Reserve Board of Governors from 1995 to 2001, serving as an economist and then a senior economist in the monetary and financial studies section.

— Reuters contributed to this report.