The Federal Reserve Bank of Minneapolis has named the bank's chief operating officer as acting president effective Tuesday.
James M. Lyon, 57, takes over after serving as first vice president and chief operating officer since 2000.
Retiring president Gary Stern had led the Minneapolis Fed since 1985 and was the longest serving Federal Reserve Bank president.
Lyon has been responsible for all operational facets of the Bank's activities and served as a backup to Stern in certain duties.
Lyon joined the bank in 1977 as a staff attorney. He'll be the bank's acting president and chief executive officer until a new president takes office.