The head of the securities division of New Brunswick’s financial regulator, the Financial and Consumer Services Commission (FCNB), is taking over as CEO of the agency.

The FCNB announced on Thursday that its current vice president and executive director of securities, Kevin Hoyt, will take over as CEO on Jan. 1.

Hoyt will replace Rick Hancox, who is retiring. Hancox also headed the FCNB’s predecessor, the New Brunswick Securities Commission (NBSC), which became the FCNB in 2013.

Hoyt, who is an accountant, joined the NBSC as its chief financial officer in 2004. Before that, he worked for government agencies in the Northwest Territories and Saskatchewan.

“In addition to his financial expertise, Kevin has a very keen understanding of the many public policy issues facing the financial and consumer services sectors and the industries regulated by the commission,” Peter Klohn, chair of the FCNB, said in a statement. “I am confident that he will continue to build on the strong foundation of innovation and regulatory excellence established by Rick.”