Isle of Man Bank managing director Bill Shimmins will stand for election to the House of Keys in September.
The Glen Vine resident will contest the seat in Middle.
Mr Shimmins, 50, will leave his current role in July, after serving as managing director for the last five years.
His banking career spans 34 years including posts across the UK, Europe and Asia.
His wife, Alison, is a teacher at Braddan School, and the couple have lived in Glen Vine for more than 13 years.
Their two vchildren attended Marown School and QEII High School in Peel before moving away to study at university.
Mr Shimmins now serves as a governor at Marown School.
In a statement released this morning (Tuesday), he said: ‘The Isle of Man is an incredible place and we are very lucky to live here. I am passionate about the island.
‘Like others, I am naturally concerned about the social and economic difficulties we face.
‘I am determined to work for the island to ensure it continues to prosper as a community. In business, I take a decisive and responsive approach to overcome complex issues.
‘I hope to be given the opportunity to use my skills, experience and commitment for the benefit of all.’