Former investment banker Peter Goettler will be the new head of the Cato Institute, the influential libertarian think tank announced Monday.

Goettler will replace outgoing CEO John Allison, who is retiring after leading the organization for two years. A Cato representative said Allison, who was the chairman and CEO of the bank BB&T before joining Cato, had planned to leave after his second year.

"In one policy area after another, Cato's scholarship has highlighted the ill effects of state intervention on both freedom and economic growth," Goettler said. "In the process, Cato's work has helped to limit government and protect our liberty."

Goettler will lead the Cato Institute's efforts to promote libertarian scholarship and policies. The organization expects $36.3 million in revenue for 2015, it said Monday morning.

Read more on WashingtonExaminer.com