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The Man Group announced on Monday that John Cryan will take over as company chairman at the start of next year. The incoming chairman received the unanimous approval of the board.

Cryan has been a non-executive director on the hedge fund giant’s board since 2015.

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He replaces Ian Livingstone. The outgoing chairman, who has been with the hedge fund group since 2016, said his resignation was “a personal decision and the right timing for 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,” said Man Group CEO Luke Ellis.

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Sufficient time

Livingston also said that he wanted to give Cryan “sufficient time in the role.” That was a reference to new rules in the UK that mean an individual can only stay on a company board for nine years.

Cryan’s appointment is the second big change to the Man Group board in less than a week. Company president Jonathan Sorrell stepped down from the board last Tuesday, ahead of moving to an unnamed employer.

Cryan will take up his new role on January 1st 2020. He brings extensive experience to the hedge fund group, having spent almost three years as Deutsche Bank CEO from 2015 to 2018.

Alongside his position at the Man Group, Cryan is also chairman of XCyber Group, a UK cyber intelligence company.

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