James E. Nevels, founder and chairman of asset manager the Swarthmore Group, of Philadelphia, was named by the Fed's board of governors to serve as the 2014 chairman of the Federal Reserve Bank of Philadelphia.

The outgoing chairman is Jeremy Nowak, president of J. Nowak and Associates L.L.C. and former head of the William Penn Foundation. Nevels is currently the bank's deputy chair.

Michael J. Angelakis, vice chairman and chief financial officer of Comcast Corp., will become deputy chair of the Philly Fed.

The Federal Reserve designated chairs and deputies for all 12 regional banks. Other new chairmen include J.C. Penney CEO Mike Ullman at the Dallas Fed, and Yale economist William D. Nordhaus at the Boston Fed.

- Reid Kanaley