Obama Foundation names former economic adviser as president

Former first Lady Michelle and former president Barack Obama are introduced at the inaugural Obama Foundation Summit on October 31, 2017 in Chicago | Photo by Scott Olson/Getty Images

One of former President Barack Obama's senior economic advisers has been named the first president of the Chicago-based Obama Foundation. 

Foundation officials on Thursday announced Adewale "Wally" Adeyemo to the post. 

He was former deputy national security adviser for International Economics and deputy director of the National Economic Council. 

Foundation officials say he will work with other leaders at the foundation, managing daily operations. 

The foundation was formed in 2014 and now has almost 200 employees. 

The foundation is overseeing construction of the proposed Obama Presidential Center. The $500 million center that'll house presidential artifacts, among other things, is planned for a lakefront park on the city's South Side.