Neel Kashkari has been chosen to replace Narayana Kocherlakota as president and chief executive officer of the Federal Reserve Bank of Minneapolis, effective Jan. 1, 2016, the Bank announced Tuesday.
Kocherlakota, who headed the Bank since 2009, announced in December 2014 that he would not seek reappointment.
The 42-year-old Kashkari, left his post as managing director and member of the executive office at PIMCO in January 2013 to explore a run for public office.
He ran for governor of California, but lost to incumbent Jerry Brown.
"Kashkari served in the U.S. Department of the Treasury from 2006 to 2009, first as senior adviser to Secretary Henry Paulson and then as assistant secretary of the Treasury," according to a press release. "In the latter role, he established and led the Office of Financial Stability and oversaw the Troubled Asset Relief Program (TARP) for both Presidents George W. Bush and Barack Obama."
Previously, Kashkari was a vice president at Goldman Sachs in San Francisco.
