Obama names new chief economic adviser

WASHINGTON - President Barack Obama has chosen entrepreneur Jeffrey Zients to be his new chief economic adviser, a White House official said Friday.

Zients, who twice served as acting budget director under Obama, will replace Gene Sperling, who is leaving on January 1 after nearly three years on the job, said the official, who spoke on condition of anonymity.

The appointment was first reported by the New York Times, which says the new replacement does not portend change in the president's economic agenda.