Barclays promises to keep deputy chairman Sir Mike Rake until a new boss is found

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The bank was forced to clarify Rake’s position after several corporate governance groups questioned the fact that he was leaving to become chairman of Worldpay, thus leaving Sir John McFarlane — who becomes the bank’s executive chairman tomorrow — without effective counterwieghts to his power.

Yesterday Barclays had merely said Rake would stay on until at least the end of this year.

Today it issued a fresh statement saying: “Barclays wishes to make clear that Sir Michael Rake will continue to serve on the Barclays boards as deputy chairman and senior independent director until such time as a new chief executive is in post, John McFarlane has reverted to the role of non-executive chairman and a new senior independent director is in place.

 

“Any conflict of interest in respect of his chairmanship of Worldpay will be managed in the normal manner.”

Chief executive Antony Jenkins was ousted last week after it clash over the style and speed at which he was executing a planned overhaul of the bank.

Source Article from http://www.standard.co.uk/business/business-news/barclays-promises-to-keep-deputy-chairman-sir-mike-rake-until-a-new-boss-is-found-10393071.html

July 17, 2015 |
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