The Bank of England announced on Monday that Rhys Phillips will succeed Victoria Cleland as chief cashier, making him responsible for Britain’s banknote supply and related operational duties.
Phillips, who serves now as the principal private secretary to Governor Andrew Bailey, is due to join the Bank's executive team on October 19 when he formally becomes an executive director. Part of his remit will be managing a planned change to sterling banknotes that will replace depictions of historical figures with images of wildlife.
Victoria Cleland will depart the institution following a 35-year career with the Bank of England. Her tenure included recent years as an executive director and two separate terms as chief cashier. Despite stepping down from her executive role, Cleland will continue in two capacities: as a special adviser to the Bank of England governors and as chair of the Retail Payments Infrastructure Board, with those responsibilities extending until spring 2027.
Phillips joined the Bank of England in 2012 after spending seven years at the Financial Services Authority. During his time at the Bank he has worked in banking supervision and in financial stability, and he has held the role of head of sterling markets.
The announcement sets out a clear succession for the operational leadership of the Bank's banknote function and identifies the incoming chief cashier as the official charged with overseeing the ongoing banknote redesign process. Details on implementation, operational adjustments, or timelines beyond the October 19 executive appointment were not specified in the Bank's statement.
Contextual note - The information in this article is limited to the facts provided in the Bank of England announcement regarding the appointment, the responsibilities assigned to the incoming chief cashier, and the post-departure roles for the outgoing chief cashier.