Mester Named President of Cleveland Fed Beginning June 1

The Federal Reserve Bank of Cleveland announced the appointment of Loretta Mester, the research director of the Philadelphia Fed, as its next president effective June 1.

Mester will replace Sandra Pianalto, who plans to retire May 31, according to an e-mail statement today from the Cleveland Fed. She will assume Pianalto’s voting seat on the policy-making Federal Open Market Committee and become the supervisor of banks including PNC Financial Services Group Inc. in Pittsburgh and KeyCorp in Cleveland.