Former oil executive named Archbishop of Canterbury November 9, 2012 -- Updated 1202 GMT (2002 HKT) Justin Welby (file photo) is named the next Archbishop of Canterbury, the leader of the world's 77 million Anglicans. Justin Welby is named the next Archbishop of Canterbury The role will make him the titular leader of the world's 77 million Anglicans "To be nominated to this post is both astonishing and exciting," he says Welby says he will vote in favor of women bishops later this month London (CNN) -- The Church of England named former oil executive Justin Welby as the next Archbishop of Canterbury, making him the titular leader of the world's 77 million Anglicans. Welby, who has been a bishop for only a year, is considered an outspoken critic of the excesses of capitalism, a supporter of women bishops and an opponent of gay marriage. Read more: Britain fights Christian right to wear cross He will be enthroned as Archbishop of Canterbury on March 21. Speaking as his appointment was announced Friday at Lambeth Palace in London, Welby said it was a privilege to take the helm at a time when the "tide of events is turning" and the Church has great opportunities to be involved in a changing world. "To be nominated to this post is both astonishing and exciting," he said. Welby said he would be voting in support of the ordination of women bishops at the General Synod later this month. Read more: Head of Anglican church to step down He also said he was opposed to any form of homophobia and would listen to the concerns of the gay, lesbian and transgender community. He said he would "examine my own thinking carefully" on gay issues. Welby said it was a time of great optimism for the Church. Educated at Cambridge University, Welby worked for oil companies in Paris and London before training for the ministry. He will take over from Archbishop of Canterbury Rowan Williams, who has headed the Church for more than a decade. Welby paid tribute to Williams' moral courage and learning, and said he would be a hard act to follow.