Jacob Aharon Frenkel, 70, will replace Stanley Fisher as is Governor of the Bank of Israel, a post which he already held once, between 1991 and 2000.
Since December of 2009, Frenkel has served as the Chairman of JPMorgan Chase International, which executes the international strategy of the American financial services firm.
He also serves as Chairman and CEO of the Group of Thirty (G-30), which is a private, nonprofit, consultative group on international economic and monetary affairs.
Frenkel served from 2004 to 2009 as Vice Chairman of American International Group (AIG) and from 2000 to 2004 as Chairman of Merrill Lynch International, as well as Chairman of Merrill Lynch’s Sovereign Advisory and Global Financial Institutions Groups.
Between 1991 and 2000 he served two terms as the Governor of the Bank of Israel. He is credited with reducing inflation in Israel and achieving price stability, liberalizing Israel’s financial markets, removing foreign exchange controls, and integrating the Israeli economy into the global financial system.