Sir Win Bischoff will be replacing Baroness Hogg on the 1st of May 2014 when she leaves the post.
Gay Huey Evans, who has been director of the FRC since April 2012, will be replacing Glenn Moreno as Deputy Chairman on the same date.
Current FRC Chairman Baroness Hogg said: “Sir Win 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. Gay Huey Evans’ wide experience in regulation, boardrooms and international capital markets has ensured she already has made a great contribution to the FRC Board since joining in 2012.”
Sir Win Bischoff already has a proven track record in the financial sector, having been Citigroup’s Chairman at the height of the financial crisis, as well presently being the Chairman of Lloyds Banking Group.
Stephen Haddrill, Chief Executive of the FRC, said: “I, and the executive team at the FRC are delighted to have the opportunity to work with Sir Win Bischoff as our new Chairman. His excellent understanding of capital markets, and the needs of investors, together with his record of working with regulators and government departments will ensure the FRC continues to provide leadership to the development of corporate reporting and governance in the UK and globally.”
Sir Win Bischoff said: “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.”
These appointments come at a critical time for the FRC as they will be conducting high profile investigations into household names in the coming months, such as the Co-op Bank and FTSE 100 insurer RSA.
Michael Izza, Chief Executive of the Institute of Chartered Accountants for England and Wales, said: “Whilst significant progress has been made in recent years, we still have some way to go in rebuilding trust in business and the professions of which the FRC has oversight.”
He added. “Sir Win Bischoff will have a critical role to play in shaping the future of British corporate reporting.”
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