Norman Chan has been appointed Deputy Chairman and an executive director of the Mortgage Corporation to replace Joseph Yam who will retire October 1.

Mr Chan joined the Government's Administrative Services in 1976. In 1991 he was appointed Deputy Director (Monetary Management) of the Exchange Fund's Office.

He became a Monetary Authority Executive Director in 1993 and served as the Deputy Chief Executive between 1996 and May 2005. During the period Mr Chan also served as a Mortgage Corporation Executive Director.

From December 2005 to June 2007 Mr Chan joined Standard Chartered Bank as Vice Chairman, Asia. He was appointed the Chief Executive Office's director in July 2007 and has recently been appointed Monetary Authority Chief Executive from October 1.