Sir David Lees, who was reappointed in June 2012 by Her Majesty the Queen for his second three-year term as Chairman, had originally indicated that he would stand down at the end of this year after overseeing the transition of the Bank’s new responsibilities and personnel. He will now remain at the Bank until June 2014 in order to help provide important continuity during Mark Carney’s first year as Governor.
The Chancellor of the Exchequer, George Osborne, said:
I am very pleased that Sir David has agreed to stay on for a further six months and I am grateful to him for his continuing service to the Bank. The Bank is going through a period of significant change as it takes on enhanced responsibilities for prudential regulation and systemic stability. As Chair of the Bank’s Court, Sir David will play a key role in ensuring a smooth transition.
The Governor of the Bank of England, Mark Carney, said:
I am very grateful to Sir David for staying on as Chair of the Bank’s Court for a further six months. He will provide valuable continuity in that role during a transformative period for the Bank of England. I am delighted to have the opportunity to work closely with him during the first year of my term.