As of November, Coleridge will take on the role from Paul Ruddock, who has been the president for the museum since 2007.

Prime Minister David Cameron appointed Coleridge on what was the last working day before election campaigns began, to ensure the decision was not delayed under the new government.

In 2012, Coleridge joined the V&A as a trustee and prior to this he was the chairman of the British Fashion Council and a trustee of the Royal College of Art.

Coleridge will serve a four year term in which he will work with Martin Roth, the director of the V&A. The pair will focus on the plan for expansion on the Olympic site in East London, as well as extension of the South Kensington museum proposed for 2017 and the opening of the V&A Museum of Design in Dundee, in 2018.