The Federal Reserve Bank of Dallas has named Robert Steven Kaplan, a Harvard Business School professor, as its new president and chief executive officer.

Kaplan, 58, will assume his new post on Sept. 8, the Dallas Fed said Monday in a press release.

He will replace Richard Fisher, who was president from April 2005 to March 2015. Helen Holcomb, the Dallas Fed's first vice president, has served as interim head since Fisher retired.

The new president, who won't vote on policy until 2017, is joining the Federal Reserve at a pivotal time. The U.S. central bank's policy makers are weighing when and how quickly to raise interest rates which have been held near-zero since 2008.

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