Bank of England deputy governor Paul Tucker is cutting short his five-year term to leave the organisation after missing out on the top job to Canadian central banker Mark Carney.
Tucker is set to leave in the autumn after Carney, who starts on 1 July, has settled into his new role. He is expected to move to the US and work in academia.
He was odds on favourite to take over from governor Sir Mervyn King in July but chancellor George Osborne made Carney his shock choice last November.
Tucker, who joined the Bank in 1980, was appointed deputy governor for financial stability in 2009 for a five-year term ending in February 2014.
He says: “It has been an extraordinary honour to serve at the Bank of England over the past 30 years. I am very proud that, through the Bank and the wider central banking community, I have been able to make a contribution to monetary and financial stability.”
Informed Choice managing director Martin Bamford says: “I think a fresh start for Mark Carney is important, as too many of the old team in place risks more of the same from the Bank of England.”