Michael Travaglini today was unanimously approved as executive director of the $34 billion Massachusetts Pension Reserves Investment Management Board, Boston. He is replacing James Hearty, who left earlier this month. Despite a nationwide search by Russell Reynolds Associates, PRIM chose a local guy: Mr. Travaglini has been working at Putnam Investments Inc., servicing defined benefit clients. He chaired PRIM meetings from 1999 to early 2003 as deputy state treasurer under Treasurer Shannon O'Brien. He also ran the $2.6 billion Boston City Retirement System between 1994 and 1996. Ralph White, a PRIM board member, said PRIM had interviewed six of the 130 candidates who applied for the position, and opted to go with Mr. Travaglini.