Bank of England governor Mark Carney has paid tribute to former Exeter College student Spencer Dale, who is leaving the central bank to join BP.
Mr Dale has stepped down as the Bank's executive director for financial stability strategy and risk. He will start his new role as chief economist of the oil giant in October.
For the past six years, Mr Dale has helped to set interest rates on the Monetary Policy Committee in his capacity as the Bank's chief economist.
He took up his current post in a Threadneedle Street reshuffle in June. Previous roles since he joined the Bank of England in 1989 have included working as private secretary to former governor Mervyn King.
Mr Dale has an economics prize named after him at Exeter College, where he studied for his A Levels from 1984-86.
Mr Carney said: "I have been privileged to have worked closely with Spencer Dale. He is an immensely talented and committed public servant, who has made significant contributions to monetary and financial stability over the course of his career at the Bank.
"As the Bank's chief economist, Spencer has played a key role in ensuring that the Monetary Policy Committee operates as an effective policymaking body, and more recently, has brought that same rigour and dedication to the Financial Policy Committee.
"Most importantly, he has made this institution stronger – as a loyal and respected colleague, effective and supportive manager, and first rate policymaker. On behalf of the Bank, I thank Spencer for his distinguished service, and wish him the very best in his new role."
Mr Dale said: "It has been a huge privilege to serve the Bank of England over the past 25 years. It has also been an honour and a pleasure to work with so many talented people committed to serving the public good.
"This is a tremendous institution that has changed remarkably since I joined, and whose additional responsibilities mean it has a central role in ensuring economic and financial stability for the UK.
"To truly make the most of these new powers, I fully support the Bank's objective to act as a single, cohesive policy institution. I will miss the Bank greatly and I wish I could have stayed longer to contribute more. But the opportunity to work in a different environment with one of the UK's pre-eminent companies was simply too good an opportunity to refuse."
