Cryan, who headed the German bank from 2016 to 2018, will take the role on 1 January 2020, replacing outgoing chairman Ian Livingston who will step down on 31 December.
Livingston said the decision to step down after almost four years at the hedge fund group was a “personal decision and the right timing for the company”, with chief executive Luke Ellis adding that the strategy of the firm would remain “unchanged” despite the boardroom reshuffle.
“We are delighted that John will be taking on the role of chairman. He has already been a great contributor on the board and I look forward to continuing to draw on his extensive experience of the global financial services industry in the years to come", Ellis said.
In early trading on Monday, shares in Man Group were 1.6% lower at 162.7p.