Man Group has appointed John Cryan as chairman following current chairman Ian Livingston's decision to step down from the role on 31 December.
Cryan, an independent non-executive director of the company, will assume the role on 1 January 2020. He is the current chairman of XCyber Group, having previously been the CEO of Deutsche Bank AG from July 2016 to April 2018 and co-CEO from July 2015.
In his new role, Cryan will chair the board's nomination committee and will step down from the audit and risk committee.
The move follows recent speculation that Lord Livingston would step down as a result of tensions with chief executive Luke Ellis.
Ellis said: "It has been a pleasure to work with Ian since he and the board appointed me as CEO. He has a real breadth of corporate experience and his insights have been incredibly valuable to me and the company.
"Ian will remain a friend of the firm and, on behalf of everyone at Man Group, I wish him well in his future endeavours both in the corporate world and in the House of Lords."
Senior independent director Richard Berliand commented: "John has deep financial and regulatory experience gained at leading organisations and is the right cultural fit to chair the board. He has strong credibility both within the business and with all our key stakeholders. He is therefore the unanimous choice of the committee and the board."
Lord Livingston said: "Deciding to step down from Man after almost four years on the board was a personal decision and the right timing for the company.
"New governance rules mean there is a nine year limit on board tenure and I felt it was important to allow John sufficient time in the role.
"The company is in a strong place and I wish the board, Luke, Mark and Man Group all the best for the future."
Cryan added: "I am delighted to be taking on the role of Chairman, working closely with the board and the executive management team to guide Man Group through the next phase of its journey.
"My time on the board has already shown me that the company is well positioned to capitalise on its first-class technology and investment expertise, cementing its position as one of the world's leading active investment managers."
It was also reported last week that Man Group president Jonathan Sorrell would leave the firm after eight years with immediate effect to take on a new role outside the business.