10:44 AM EDT, 05/29/2024 (MT Newswires) -- The Federal Reserve Bank of Cleveland said Wednesday it has named Beth Hammack as its next president and chief executive, effective Aug. 21.

Hammack, who most recently served as cohead of global financing at Goldman Sachs ( GS ) , will succeed Loretta Mester, whose tenure ends June 30.

Cleveland Fed First Vice President Mark Meder will serve as interim president and CEO until Hammack's start date.

Hammack will become a voting member of the Fed's Federal Open Market Committee.

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