Loretta J. Mester has been appointed president and chief executive officer of the Federal Reserve Bank of Cleveland, effective June 1.
She will replace Sandra Pianalto, who announced in August that she would retire this year.
Mester, 55, currently serves as executive vice president and director of research at the Federal Reserve Bank of Philadelphia. In this role, she serves as the Bank's chief policy advisor and attends the meetings of the Federal Open Market Committee.
Mester oversees a staff of economists and analysts who conduct research on a variety of topics, as well as a staff of professionals in the Bank's financial statistics department and the Payments Card Center.
She joined the Federal Reserve Bank of Philadelphia in 1985 as an economist and has advanced to positions of increasing responsibility during her 28 years with the Federal Reserve.
