The Federal Reserve Bank of Cleveland said Thursda that Loretta Mester will succeed Sandra Pinanalto as its president and chief executive.

Pianalto announced in August that she would retire from her position at the Fed. She plans to step down on May 31.

Mester, 55, has 28 years of experience with the Federal Reserve. She currently serves as executive vice president and director of research at the Federal Reserve Bank of Philadelphia. In her new role, she will oversee 950 employees in Cleveland, Cincinnati and Pittsburgh.

"I am honored to have been chosen to lead the Federal Reserve Bank of Cleveland," Mester said in a press release. "The Cleveland Fed is an institution with great strengths including its outstanding research on inflation measurement and forecasting, its contributions to financial stability analysis, and its innovative work in U.S. Treasury revenue collections."

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