Newly Appointed Bank of Israel Governor Jacob Frenkel. Photo: Wikipedia.

Jacob Frenkel has been chosen to succeed outgoing Bank of Israel Governor Stanley Fischer. The decision, made by Israeli Prime Minister Benjamin Netanyahu and Finance Minister Yair Lapid, is a redux of the 1990s Bank of Israel leadership as Frenkel, the current chairman of JP Morgan, served as governor from 1991 to 2000.

A message from the Prime Minister’s Office said “The appointment will be submitted to the committee headed by Judge [Jacob] Turkel for approval and then to the Cabinet.”

Frenkel, 70, was educated at the Hebrew University of Jerusalem and the University of Chicago, and has held a number of positions in top international firms, including AIG and Merrill Lynch. In 2002 he won the Israel Prize for economics.

Fischer announced earlier this year that he would be leaving his post on June 30, after 8 years. Until a successor is nominated and approved, Fischer’s deputy Karnit Flug, will serve as acting Governor.