Former Chancellor George Osborne will succeed current editor Sarah Sands as editor of the Evening Standard, according to BBC news.
Osborne (pictured) is expected to take over from early May, and will keep his seat in Parliament for the foreseeable future.
According to BBC News, he addressed Standard newsroom shortly after midday on Friday.
Osborne told the Daily Telegraph: "This is such an exciting and challenging job and I'm thrilled to take it on. The Evening Standard is a great paper, testimony to the hard work of Sarah Sands and the impressive team, and to the investment of its owners. I look forward to working with, learning from and leading this team of dedicated professionals.
"Growing up as a Londoner, I've always known that the Evening Standard is an institution that plays a huge part in the life of the city and its people. Now it is a great honour that I can play a part as leader of the editorial team making the Evening Standard the definitive voice of the world's most exciting city."
Earlier this year, the Chancellor responsible for introducing the pension freedom reforms joined BlackRock's Investment Institute investment research arm as a senior adviser on a part-time basis, for which he will be paid £650,000 a year for working four days a month.
Most recently the ex-Chancellor was paid £40,000 by advice firm St James's Place for giving a three-hour speech at an event.
Osborne lost his cabinet role as Chancellor last July after the EU referendum, when Prime Minister Theresa May replaced him with Philip Hammond.
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