Former Barings Bank head Peter Norris has been announced as the non-executive chairman of the board for Virgin Group, the holding company that owns brands such as Virgin Media and Virgin Atlantic.

Norris, 54, will take up his new role on November 9th from when he will chair the Group Board and provide advice to the senior management team, led by chief executive Stephen Murphy. Virgin Group Holdings is reported to earn revenues of more than $10 billion a year.

Prior to his appointment, Norris was CEO of merchant bank Quayle Munro. He began his career at Barings Bank and rose through the ranks to become chief executive of the company's investment division. He held this position until the bank's collapse in 1995. More recently he has been working as an adviser to Virgin, advising on Group strategy and transactions.

Commenting on his appointment, Norris said in a statement: "I am looking forward to taking on this new role for Virgin Group Holdings. I have been working with Sir Richard, Stephen and the senior Virgin team for many years and have greatly enjoyed helping with the development of the Group's strategy. Virgin is a tremendous brand, with great potential to grow its portfolio around the world."

Sir Richard Branson said in a statement: "I am delighted to be welcoming Peter to the team as non-executive Chairman. He has worked with me and our senior management for many years and we have always found his advice invaluable. He is both a highly skilled banker and an experienced entrepreneur and that is a rare mix!"