BANKING HEAVYWEIGHT Sir Win Bischoff has been named as the new chair of the FRC.
Bischoff will replace Baroness Hogg at the FRC on 1 May 2014, leaving his post as chair at Lloyds Banking Group.
He is a former chairman of US bank Citigroup and previously served as group chief executive and then chairman of Schroders.
Bischoff has previously called for a return to traditional accounting standards and will be tasked with reforming accounting rules in the UK, which have been subject to criticism since the financial crisis.
“Sir Winfried Bischoff is an inspired choice for the next FRC chairman. His financial sector experience and track record of running boards will be invaluable to the FRC on the next stage of its journey,” said Hogg.
Also understood to have been in the running for the role was Lord Green, former HSBC chairman.