The chief economist at Israel’s Bank Hapoalim, Professor Leo Leiderman, will become the next governor of the Bank of Israel.
Professor Leiderman, 61,who will replace outgoing governor Stanley Fischer, has been the chief economic adviser at Bank Hapoalim for over a decade.
"I am excited to get back to the Bank of Israel and I will work to help Israel's economy in the challenges it faces," Leiderman said in a statement.
The appointment of the Argentina-born professor by Israeli Prime Minister Binyamin Netanyahu and Finance Minister Yair Lapid was revealed Wednesday.
Leiderman made aliyah when he was 17 and has a PhD from Chicago University. He is a former managing director of emerging markets at Deutsche Bank and was an executive board member and research department director at the Bank of Israel.
His nomination still needs confirmation from a committee that vets senior civil servants and the cabinet.
Jacob Frenkel, 70, the chair of JP Morgan Chase, was expected to take up the position but withdrew his candidacy following shoplifting allegations.