After a weekend of frenzied speculation, the Museum of Contemporary Art (MOCA) announced in a written statement today that its board has named New York art dealer Jeffrey Deitch as its new director in a unanimous vote.

The appointment raises questions about the fate of his Deitch Projects gallery, which has three spaces in New York City, and how Deitch will mitigate conflicts of interest as museum director. Since opening his gallery in 1996, Deitch has worked closely with hundreds of contemporary artists, ranging from performance artist Vanessa Beecroft to Op-Art painter Tauba Auerbach. There are currently no shows scheduled to open at any of his spaces. A show of Robert Lazzarini's work has been postponed "due to unforeseen circumstances," according to the gallery's Web site.

In the statement released by MOCA, Museum of Modern Art director Glenn Lowry applauded the appointment, saying, "Jeffrey Deitch has for many years run one of the most exciting and adventuresome galleries in New York and will undoubtedly bring the same energy and excitement to his work at MOCA."

The Los Angeles Times had earlier reported that New Museum director Lisa Phillips and Lars Nittve, the director of Stockholm’s Moderna Museet, were also possible contenders.

Deitch will replace Jeremy Strick, who resigned at the end of 2008 after the museum announced it had lost $44 million of its $50 million endowment over the previous nine years.

Deitch entered the art world in the 1970s, working as a gallery assistant and critic. He holds a Master of Business Administration degree from Harvard Business School and founded Citibank Art Advisory Service before opening Deitch Projects. Though his public program has tended to focus on young, often untested talent, he has maintained a thriving trade in secondary-market work and is a regular fixture at evening auctions of postwar and contemporary art.

Though the dealer-to-director transition is rare within American museum history, it is not unprecedented. After running the legendary Ferus Gallery in late-1950s Los Angeles, Walter Hopps went on to serve as director of the Pasadena Museum of Art, the Washington Gallery of Modern Art, and Houston’s Menil Collection.

MOCA plans to host a press conference tomorrow morning to introduce Deitch's appointment. The conference, originally scheduled for this morning, was delayed after Los Angeles mayor Antonio Villaraigosa had to cancel his planned appearance to deal with other city business.