Investing.com -- The Federal Reserve Bank of Philadelphia named University of Delaware president Patrick T. Harker president and chief executive officer of the Philadelphia Fed on Monday.
Harker, 56, who has served as a nonbanking Class B director of the Philadelphia Fed since 2012, will succeed former president Charles Plosser. Harker's appointment was approved by the board of directors of the Federal Reserve Bank of Philadelphia, as well as the Board of Governors of the Federal Reserve. Plosser's retirement became effective on March 1.
Harker served as the dean of the Wharton School of Business at the University of Pennsylvania for seven years, before leaving to become the president of the University of Delaware in 2007.
"As a lifelong native of the Third District, I am honored and excited to be asked to serve as the president and chief executive officer of the Federal Reserve Bank of Philadelphia. I look forward to working with the Bank's dedicated staff to continue the Philadelphia Fed's vital service to the District and the nation," Harker said in a statement.
Harker will assist in helping formulate monetary policy while serving on the Federal Open Market Committee and will oversee a staff of 900 employees at the Philadelphia Fed.
"His deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board," said James E. Nevels, chairman of the Philadelphia Fed Board of Directors, in a statement.
Harker has a Ph.D. in civil and urban engineering, a master's degree in economics, and an M.S.E. and B.S.E. in civil engineering from the University of Pennsylvania.
Harker also served as a White House Fellow in 1991 and as a special director to former FBI Director William Sessions from 1991-1992.