Bangor Savings Bank executive and Holden resident Yellow Light Breen has been named the next head of the Maine Development Foundation, created by state government in 1978 to boost Maine’s economy.

The foundation announced Tuesday that its board of directors selected Breen to succeed Harold Clossey, who retired for health reasons in May, as its president and chief executive officer.

Breen previously served on the foundation’s board of directors and served as the head of the board of directors for two education groups, the Maine Coalition for Excellence in Education and Educate Maine.

He also has led the foundation’s “Realize Maine” project, which created regional networking groups for young professionals in an effort to attract them to the state and keep them here.

In a prepared statement, Breen said he’s thrilled about the new job.

“MDF’s nonpartisan, long-term work to advance the Maine economy by stimulating new ideas, developing leaders, strengthening communities and solving problems has never been more critical,” Breen said.

The group does research to track Maine’s economy, including quarterly reports on specific topics, and also researches and promotes workforce and community development.

Breen will be leaving Bangor Savings Bank after 12 years as its executive vice president and chief strategic officer.

He was born in St. Albans and graduated from Nokomis Regional High School before going to Harvard University and Harvard Law School.

Jonathan Edgerton, chairman of the foundation’s board of directors, said Breen’s background and interests “are a perfect fit” for the organization.

“His commitments to a number of important education initiatives, along with his work to effectively boost the Maine economy, are noteworthy and align with the mission of our organization,” Edgerton said.

The foundation said Breen will start in the new role Aug. 10.