Morgan Stanley said on Tuesday night that former UK finance minister Alistair Darling has been elected to its board of directors, effective January 1, 2016.

Darling, 62, served in the UK government from 1997 to 2010 and was Chancellor of the Exchequer from 2007 to 2010.

Morgan Stanley chief executive James Gorman said: “I am very pleased to welcome Mr. Darling to our board.

“He brings strong leadership experience, as well as insight into both the global economy and the global financial system.

“As Chancellor of the Exchequer he played a central role in responding to the financial crisis.

“The board, our management and our shareholders will greatly benefit from his experience and perspective.”

James Owens, chair of the Morgan Stanley board’s Nominating and Governance Committee, said: “We extend a warm welcome to Mr. Darling as he joins our board. We will all benefit from his financial, risk management and regulatory insights.”

Darling entered the UK Parliament in 1987 and served until 2015.

He was the Secretary of State for Trade and Industry from 2006 to 2007, Secretary of State for Transport from 2002 to 2006, Secretary of State for Scotland from 2003 to 2006, Secretary of State for Social Security / Work & Pensions from 1998 to 2002, and Chief Secretary to the Treasury from 1997 to 1998.

Darling graduated with a Bachelor of Laws from the University of Aberdeen.