Bank of Canada Governor Mark Carney will succeed Sir Mervyn King as governor of the Bank of England when he steps down next June.
For the first time in history the job of governor was publicly advertised with the Treasury looking for a candidate with experience of working in a central bank or similar institution, or at a senior level in a major financial institution.
The frontrunners included deputy Governor for financial stability Paul Tucker, FSA chairman Lord Adair Turner, former cabinet secretary Sir Gus O’Donnell and economist Sir John Vickers.
The new governor will have responsibility for financial stability, monetary policy and financial regulation when sweeping reforms come into force next April.
The Financial Conduct Authority and Prudential Regulation Authority will come directly under the remit of the new boss.
Carney ruled himself out of the running in August but had a change of heart.
Last week Chancellor George Osborne described Carney as the best and “most qualified person in the world to do the job”.