The former chief executive officer of Citibank has been appointed as the new chairman of XL Group plc.

Eugene McQuade, who has been a director of XL since 2004, will succeed Robert Glauber, the global business insurer said.

Mr Glauber, who has served as chairman since 2009, will remain on the company’s board and will chair the Risk and Finance Committee.

XL completed its acquisition of Catlin early this month, a move which included the appointment of Catlin’s founder, Stephen Catlin, as XL’s executive deputy chairman.

“I am deeply honoured to succeed Bob as chairman of the board, and look forward to helping guide XL through this new exciting phase of its growth as we continue to drive strong value for shareholders,” said Mr McQuade.

Also on Mr McQuade’s resume are spells as president of Bank of America Corporation and president and chief operating officer of FleetBoston Financial Corporation.

Mr McQuade added: “Bob Glauber has been a visionary leader throughout his tenure as chairman, and we are delighted he has decided to remain a director.”