James MacDonald will become Massachusetts’ first deputy treasurer effective Dec. 1, state Treasurer Steven Grossman announced.

MacDonald, a 36-year veteran of the Treasury department, will succeed Katherine Craven on that date when she leaves to become executive director of the UMass Building Authority.

MacDonald now serves as deputy treasurer for investment operations and will continue to oversee many related functions, which include managing the daily clearing of the commonwealth’s bank accounts, short-term investing in the Massachusetts Municipal Depositary Trust, and competitively bidding the Treasury’s core banking services.

He graduated from Boston State College and is also chairman of the Dedham Board of Selectmen.

Craven, who was a former top aide to state House Speaker Thomas Finneran during the 1990s, had worked concurrently as the  executive director of the Massachusetts School Building Authority.

MSBA deputy director Jack McCarthy will serve in an interim capacity when Craven leaves.

“During her tenure as first deputy, she played an indispensable role in our transition into office and our early successes such as the creation of the Financial Literacy Trust Fund, the newly professionalized hiring process, and other important reforms,” Grossman said of Craven.

Standard & Poor’s last month raised the commonwealth’s general obligation rating to AA-plus from AA after the state’s political and financial leaders, including Gov. Deval Patrick, made pitches to the three major credit rating agencies for an upgrade.

Moody’s Investors Service and Fitch Ratings both also rate the GOs double-A plus.

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