Lord Inglewood has been named as the new chairman of Cumbria Local Enterprise Partnership.
He replaces George Beveridge, who announced he would stand down last December after seven years in charge.
Mr Beveridge stayed in the role while the county's strategic economic body found a replacement.
The volunteer role involves a four to five-day commitment a month.
Lord Inglewood is a member of the House of Lords and the current chair of training provider Gen2.
He was also previously the chair of the boards of Cumbrian businesses Carr's Milling Industries plc and CN Group Ltd.
Lord Inglewood has also held a number of ministerial positions during his career.
He was the minister for broadcasting and for tourism during his time as Parliamentary Under-Secretary of State at the Department of National Heritage in the late 1990s.
He has also served twice as a regional MEP, first for Cumbria and Lancashire North and then for North West England.
He is currently president of Cumbria Tourism and has been Deputy Lieutenant for Cumbria since 1993 and Vice-Lord Lieutenant for Cumbria since 2012.
Lord Inglewood said: “I am delighted and privileged to take on this exciting and challenging role. I am really looking forward to working with the LEP and all of its partners.
“I am passionate about Cumbria and this is an opportunity to shape and deliver economic growth in the county in the coming years, and help meet the needs of local businesses, residents and communities.
“Cumbria has huge economic potential, but also faces challenges, such as the need to increase its working age population, improve its skill levels and upgrade its infrastructure. We also need to make sure that we are fully prepared for Brexit.
“The new Local Industrial Strategy will be really important for the future of the Cumbrian economy. An early priority for me will be to work closely with the LEP’s partners to deliver a strategy that showcases our strengths and makes a compelling case to government and the private sector for investment in Cumbria.”
To take on the role, Lord Inglewood has given up the Conservative Party whip and will now sit in the House of Lords as a non-affiliated peer.
Jackie Arnold, Cumbria LEP vice chair added: "We are absolutely delighted that Lord Inglewood has accepted the role of chair of our board.
"He is, and will continue to be, a great advocate for Cumbria.
He will bring a wealth of valuable knowledge and experience to the role, which will help us drive forward our agenda to grow the economy and create jobs.
"We are all really looking forward to working with him and would like to warmly welcome him to the post.”
The role of Cumbria LEP chair is to work in partnership to deliver Cumbria’s economic growth and create prosperity for all.
He will also oversee the implementation of a multi-million-pound programme of economic development projects being delivered across the county.
Cumbria LEP is establishing an even stronger private sector-led board and will shortly be announcing new Board member appointments.
Lord Inglewood was educated at Trinity College, Cambridge and the Cumbria College of Agriculture and Forestry.
He was called to the Bar in 1975, is a Chartered Surveyor (MRICS) and a Fellow of the Society of Antiquaries (FSA).
He lives in Hutton-in-the-Forest, near Penrith and is married to Cressida Pemberton-Piggott. He has two daughters, Miranda and Rosa, and a son, Henry.
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