The Institute of Risk Management elected Mark Butterworth as its new chairman last Friday at the Institute's AGM.
Butterworth said: "I am delighted to have the opportunity of leading the IRM at this important time in its development."
The IRM admitted last month that it was in financial trouble and would be making changes to its financial and strategic direction.
Butterworth, who was an IRM governor at the time, denied bankruptcy was imminent.
Members were asked to vote on whether the institute should carry on in its present form. The vote was carried with a majority in favour, said a spokesman.
