Dan Rivera stepped down from his position as president and CEO of the economic development agency MassDevelopment, effective immediately, more than two years before his contract was set to expire.

Economic Development Secretary Yvonne Hao, also chair of the MassDevelopment board, said in a statement Friday that she and the administration thanked Rivera for his tenure.

“Under Dan’s leadership, the agency has funded key housing deals, created economic development opportunities in Gateway Cities, and promoted commercial development across the state. We wish him well on his next endeavor,” the statement said.

Rivera stepped down to pursue other opportunities, according to a spokesperson from the Executive Office of Economic Development. His resignation was first reported in Contrarian Boston.

Dan O’Connell, MassDevelopment board member and former secretary of housing and economic development under Gov. Deval Patrick, will step in as interim CEO while the board conducts a search for a new leader.

Dimon raises possibility of stagflation

JPMorgan CEO Jamie Dimon says he’s hopeful the Federal Reserve can brin down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation.

In an interview with The Associated Press at a Chase branch opening in The Bronx, Dimon said he remained “cautious” about the U.S. economy and said inflation may be stickier for longer and that stagflation is on the list of possible things that could happen to the U.S. economy.

Stagflation occurs when the economy is weak, or in recession, yet prices keep moving higher. Dimon also reiterated his support for an independent Federal Reserve.