Until now, the chairman has served a year's term, subject to annual re-election by the board.
The new chairman, who will earn an extra $25,000 above the legislative base pay of $34,000, serves for two years.
The chairman serves for a term of five years, and other members for three years.
The other chairmen of the committee served for less than a year.
The firm has a rule that the chairman cannot serve beyond age 55.
He headed the firm's London office from 1991 to 1996, then served as group chairman (1996-2002).
The chairman of the authority serves at the pleasure of the governor.
The chairman of the Board is elected county-wide and serves full-time.
The rules dictate a chairman can serve only two four-year terms.
By tradition, the chairman usually serves two two-year terms.