WASHINGTON (AP) -- Neel Kashkari, a prominent business executive and one-time candidate for governor of California, has been chosen to be the head of the Federal Reserve's regional bank in Minneapolis.
Kashkari will succeed Narayana Kocherlakota, who will step down from the job of Minneapolis Fed president on Dec. 31. He has held the position since 2009.
Kashkari was chosen by the regional bank's board of directors. He most recently served as managing director of PIMCO.
In 2014, he ran as a Republican for governor of California, losing to Democratic Gov. Jerry Brown.