Anthony Habgood, the chairman of Whitbread, has become the new chairman of the Bank of England, as part of a wider reshuffle at the institution.

Habgood, who will oversee governance and strategy from the Bank’s board, as well as monitoring the organisation’s progress, replaces David Lees, chairman of the institution since 2009.

He previously served on the board of National Westminster Bank prior to its takeover by Royal Bank of Scotland.

He is currently the chairman of two FTSE-100 companies: Whitbread, owner of the Costa Coffee chain, and Reed Elsevier, the academic publisher and event organiser.