Zients, who has served as deputy director of the office since 2009, will take over for Jacob Lew, recently named the new White House chief of staff.
"I'm pleased to designate Jeff Zients to lead the Office of Management and Budget. Since Day 1, Jeff has demonstrated superb judgment and has provided sound advice on a whole host of issues," Obama said in a statement announcing the appointment. "With decades of experience, Jeff has been a tremendous asset to our team and I'm confident in his ability to help us rebuild an economy where hard work and responsibility pay off and the middle class has a chance to get ahead."
2014: The Year in Music [PHOTOS]