Minouche Shafik, Deputy Governor for Markets and Banking, will leave the Bank at the end of February 2017 to become the Director of the London School of Economics (LSE).
Bank of England Governor Mark Carney said: "We will say farewell to Minouche with gratitude and regret. She helped drive vital reforms on the domestic and international stages, perhaps most prominently in the successful completion of the Fair and Effective Markets Review which she co-chaired."
Minouche said: "While it was impossible to resist the opportunity to lead a world-class university like the LSE, I leave the Bank with a deep appreciation for its work and much admiration of its staff." The process for recruiting a successor is the responsibility of HM Treasury and the position will be advertised in due course. Minouche will start her new position at the LSE in September 2017.