Former Treasury Select Committee (TSC) chair Andrew Tyrie has been named as the next chief of the Competition and Markets Authority (CMA).
Tyrie was chair of the TSC from 2010 onwards but stood down from the position and his role as MP for Chichester in 2017.
He will now take up the position of chair at the CMA, where he will guide the organisation through Brexit.
It is likely the watchdog will gain a bigger role post-Brexit, when it will replace the European Commission as the leading competition regulator for the UK.
Commenting on the new role, Tyrie said: "Making markets work for the benefit of millions of people is what the CMA is all about.
"In the years ahead, competition can and should be put even closer to the centre of British economic life, reaching to every sector, rooting out monopoly and unfair trading practices, and enhancing Britain's global competitiveness into the bargain."
Business Secretary Greg Clark added: "Andrew Tyrie is a proven consumer champion and competition advocate, with a strong record of independence as select committee chair, ideally suited to leading the CMA at this critical time."
Tyrie will replace David Currie, who became chair in April 2014 and is leaving one year early in order to allow his successor to prepare for Brexit.
Effective from 1 August
10 new members
Strategic partnership between firms
12 months' notice