Exiting chairman of Lloyds Banking Group, Win Bischoff, has been appointed chairman of the UK Financial Reporting Council (FRC). The current chairman, Baroness Hogg, will continue in her position until the appointment becomes effective on 1 May.
The UK Government Department for Business, Innovation and Skills (BIS) managed the selection process through open competition. BIS also appointed current FRC non-executive director Gay Huey Evans as deputy chairman, succeeding Glenn Moreno, effective 1 May.
According to the BIS, head-hunter services run in parallel with the recruitment process to ensure the best group of candidates was put forward to Business Secretary Vince Cable, who signed off the appointment.
"Sir Winfried’s proven track record, experience and qualities mean he is ideally suited to lead the FRC Board. He will be ably supported by Gay Huey Evans as his deputy and I congratulate them both on their new roles," Cable said.
Cable also thanked Baroness Hogg and Glen Moreno for their work at the accountancy regulator.
"She [Hogg] led the FRC through some significant changes to accounting, audit and corporate governance and the introduction of the stewardship code," he said.
The BIS said that Bischoff was the strongest candidate among those interviewed in the selection process, and that the appointment was based on the experience and qualities needed to perform a strong leadership role for the FRC.
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However, asked who the other candidates were, a spokesperson for the BIS said it’s not standard practice to divulge unsuccessful applicants.
FRC chief executive Stephen Haddrill said Bischoff’s understanding of capital markets coupled with his record of working with regulators and government departments would ensure "the FRC continues to provide leadership to the development of corporate reporting and governance in the UK and globally."
From 1995 to 2000 Bischoff was chairman of Schroders. He joined the asset management company in 1966 and held positions of managing director for Asia and then chief executive.
Bischoff joined Lloyds Banking Group in September 2009 from global financial services company Citigroup where he was chairman for two years. Last year he announced he would step down from the bank in May 2014.
"The FRC plays a vital role in connecting investors and business in the UK. I’m very proud to have been asked to become its next chairman and I look forward to building on the significant and important work achieved under the tenure of Baroness Hogg," Bischoff said.