Randal Quarles, a Federal Reserve governor and its vice chairman for supervision, was named the new chairman of the Financial Stability Board on Monday.

He will serve a three-year term, starting on Dec. 2. Klaas Knot, president of De Nederlandsche Bank, was appointed as FSB’s vice chairman and, in December 2021, will take over as chairman for a three-year term.

Quarles succeeds current FSB Chair Mark Carney, governor of the Bank of England since 2013.

“Under Mark’s leadership, the FSB has played a central coordinating role in building a resilient global financial system in the aftermath of the financial crisis,” Quarles said in a statement. “Ten years on, the FSB’s work remains just as relevant. With its broad membership, it is uniquely placed to promote resilience and preserve an open and integrated global financial system in the future.”