University of Delaware president to head Philadelphia Federal Reserve

PHILADELPHIA -- The president of the Delaware's largest university is stepping down to take the helm at the Federal Reserve Bank of Philadelphia.

University of Delaware President Patrick Harker tells students and faculty in a letter Monday that he plans to resign this summer and become the president and CEO of the Philadelphia Fed.

The 56-year-old Harker has been Delaware's president for the past eight years.

Harker previously served as the dean of the Wharton School of the University of Pennsylvania.

Harker says he has mixed emotions about the move calls it an "honor and privilege" to have been president. He says he's looking forward to getting started in his new position.

Harker replaces Charles Plosser, who retired Sunday. He takes over at the Philadelphia Fed on July 1.