NEW YORK-- Patrick Harker, president of the University of Delaware, has been selected to lead the Federal Reserve Bank of Philadelphia, starting on July 1.

Mr. Harker, 56, has also been a member of the Philadelphia Fed's board and replaces Charles Plosser, who retired on Sunday.

The bank announced Mr. Harker as the bank's president and chief executive officer on Monday. Before leading the University of Delaware, Mr. Harker was dean of Wharton School of the University of Pennsylvania. The incoming bank president, who was approved for the job by the board of governors in Washington, has a Ph.D in civil and urban engineering, and as master's in economics. Mr. Harker is resigning his position at the university.

He will be filling the shoes of one of the Fed's most high-profile hawks on monetary policy. Mr. Plosser was a regular critic of the central bank's aggressive bids to provide stimulus to the economy and regularly worried that if the Fed didn't start raising rates, it risked inflation problems down the road.

In a statement released by the bank, James Nevels, who leads the Philadelphia Fed board of directors, said Mr. Harkers was picked because his "deep roots in the region, his distinguished career in academia, his drive for innovation, and his passion to make our region an economic engine for the future truly impressed our board."

Ben Leubsdorf contributed to this article.

Write to Michael S. Derby at michael.derby@wsj.com

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