In the beginning of his first term, Lula's chosen Minister of Finance was Antonio Palocci, a physician and former Trotskyist activist who had recanted his far left views while serving as the mayor of the sugarcane processing industry center of Ribeirão Preto, in the state of São Paulo. Lula also chose Henrique Meirelles of the Brazilian Social Democracy Party, a prominent market-oriented economist, as head of the Brazilian Central Bank. As a former CEO of the BankBoston he was well known to the market. Meirelles was elected to the Chamber of Deputies in 2002 as a member of the opposing PSDB, but resigned as deputy to become Governor of the Central Bank.