Alan Yarrow is to succeed Fiona Woolf as Lord Mayor of the City of London, becoming the 687th person to take on the title.
Yarrow is currently chairman of the Chartered Institute for Securities and Investment, and has spent most of his career at Kleinwort Benson, though has also chaired the London Investment Banking Association.
He served as Sheriff of the City – a prerequesite to stand for election to the position, which was first instituted in 1189 – between 2011 and 2012.
Yarrow will formally succeed Woolf, who was the only the second woman in the role, on November 7, the day before the Lord Mayor's Show. He will be sworn in at the traditional Silent Ceremony – so called because no speeches are made.
Speaking after his election at noon today, the Lord Mayor Elect said: “I want to encourage City workers to create wealth, give time and support people."
He added: "My principal job as Lord Mayor is to represent and support the ‘City’ at home and abroad through an extensive programme of business visits, meetings and events. But my role will be not only to speak for the UK-based financial and business sector but also to it - and to encourage this key sector and all its workers to play their full part in wider society.
"The City thrives when it is part of society – and society thrives when commerce succeeds."
Yarrow has chosen Scope and Mencap as the beneficiaries of his fundraising activities over the next 12 months. He will also raise money for the Royal Ballet School, the City & Guilds of London Art School and the Royal Academy of Arts.