Nicholson takes the mantle of director and chairman at FRC.
Sir Bryan Nicholson has been appointed as director and chairman of the Financial Reporting Council, taking over from Sir Sydney Lipworth.
The appointment, announced by trade secretary Stephen Byers and Bank of England governor Eddie George, will come into effect from 1 July, 2001.
The FRC oversees the activities of the Accounting Standards Board and the Financial Reporting Review Panel.
Sir Bryan, 68, is chairman of BUPA and manufacturers the Cookson Group, and holds non-executive directorships at GKN and Equitas Holdings.
Between 1993 and 1996 he was a deputy chairman of the Financial Reporting Council and is now a director of the Accountancy Foundation.
Stephen Byers said: ‘Further challenges lie ahead for the FRC, in particular maintaining the Accounting Standards Board’s high reputation for technical excellence in an environment of international accounting standard setting, and as we review the whole framework of company law.
‘I am delighted that Sir Bryan has agreed to take on the baton from Sir Sydney, and I know that given his experience and leadership the FRC will be in good hands.’