A former Government Minister who hails from Truro, has a home in Falmouth, and has led some of the UK’s best known businesses, is to become Chancellor at the University of Exeter.

Lord Myners was brought up in Truro by his adoptive parents, a butcher and a hairdresser, and has gone on to build up an international reputation and a distinguished business career. He has chaired household name companies including Marks & Spencer, the Guardian Media Group and Land Securities. He was chairman of the trustees of the Tate during a period of change in 2004 to 2008, and has held other non-commercial appointments including chairman of the Low Pay Commission, a directorship of Singapore’s sovereign wealth fund and membership of the Court of the Bank of England.

Paul, who holds the title Baron Myners, was appointed City Minister in Gordon Brown’s government in 2008, and joined the House of Lords as Lord Myners of Truro, in the County of Cornwall. He is now a crossbench member of the House and continues to be active in a number of public and private companies primarily in the asset management sector. In 2003, he was awarded an honorary Doctorate of Laws from the University of Exeter.

Paul will take over the mantel as Chancellor of the university from Floella Benjamin when she steps down in June, after ten years. He said: "I’m delighted and honoured to take up this post, and to be involved in the next stages of the university’s incredible journey.

"Alongside building up a reputation for world-leading research and excellent teaching and student satisfaction, I’ve been interested to see the university foster strong collaborations across the South West, notably in my home county of Cornwall. I believe these links have contributed to the success that has seen Exeter climb up the national and international rankings, and it’s very positive news for the region in terms of economic impact and raising aspiration."

Paul went to Truro School on a scholarship, and obtained a degree from the University of London, and taught for a year in inner London. He then proceeded, via journalism with the Daily Telegraph, to a 20 year career in the City as a fund manager and worked his way up to his prominent chairing roles.

He is married to Alison, a psychotherapist and chair of the Institute of Contemporary Art, and has five children. He lives in London and Falmouth and his interests include contemporary art, opera and jazz, politics and penal reform.

Grace Fisher, president of the Falmouth and Exeter Students Union, said: “To be able to welcome a Cornishman as the new Chancellor holds great significance for Cornwall based students. Lord Myners’ local roots and professional successes make him an ideal chancellor for the student population; one which connects directly with student’s experiences here in Cornwall. We look forward to welcoming him to our campuses soon.”