Sveriges Riksbank governor Erik Thedéen will take over as chair of the Basel Committee on Banking Supervision, the committee’s oversight body said on May 13.

The Group of Governors and Heads of Supervision (GHOS) appointed Thedéen to a three-year term, starting on June 11.

The Swedish governor replaces Pablo Hernández de Cos, who has chaired the committee since 2019. Though Basel Committee chairs can serve up to two three-year terms, Hernández de Cos will step down as governor of the Bank of Spain