Sajid Javid Picked to Steer the British Economy Through Brexit

Sajid Javid, the former U.K. home secretary and a onetime managing director of Deutsche Bank AG, was named chancellor of the exchequer by Prime Minister Boris Johnson and tasked with managing the economy through Brexit.

Javid, 49, becomes the first ever ethnic minority chief of the Treasury and the first chancellor since Norman Lamont in the early 1990s to have worked in the finance industry. A previous rival to Johnson for the leadership of the ruling Conservative Party, he replaces Philip Hammond, who resigned on Wednesday before he could be fired.