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UK Chancellor of the Exchequer Sajid Javid announced the appointment of Andrew Bailey as the new governor of the Bank of England.
Bailey, who is currently the chief executive of the Financial Conduct Authority, has been appointed for an eight-year term. Bailey will be the 121st Governor of BoE.
"Andrew was the stand-out candidate in a competitive field," Chancellor said. "He is the right person to lead the Bank as we forge a new future outside the EU and level-up opportunity across the country."
In order to provide a smooth transition, the term of the current Governor Mark Carney has been extended to March 15, 2020.
Minouche Shafik and Kevin Warsh were other frontrunners to succeed Carney.
"An extraordinary public servant, Andrew brings unparalleled experience, built over three decades of dedicated service across all policy areas of the Bank, and most recently as CEO of the FCA," Carney said.
Bailey has joined the bank in 1985. He has led the FCA since July 2016, having previously held the role of deputy governor of the Bank of England for Prudential Regulation and CEO of the Prudential Regulation Authority.
The treasury said an interim chief executive of the FCA will be appointed well ahead of Bailey's departure to manage the organization until a permanent successor is chosen.