Sir David Walker to succeed Marcus Agius

RNS Number : 7306J

Barclays PLC

09 August 2012

 



9 August 2012

Barclays PLC

Sir David Walker appointed to succeed Marcus Agius as Chairman

Barclays PLC and Barclays Bank PLC ("Barclays") announce that Sir David Walker has been appointed as a non-executive Director of Barclays with effect from 1 September 2012 and will succeed Marcus Agius as Chairman of Barclays with effect from 1 November 2012.

Marcus Agius will step down as a Director and as Chairman of Barclays with effect from 31 October 2012. 

Sir David Walker is currently a Senior Adviser to US bank Morgan Stanley International, having previously held the position of Chairman.  He has held a number of high profile positions over the past 30 years including Assistant Secretary at the Treasury; Executive Director at the Bank of England; Chairman and Chief Executive of the Securities and Investment Board; Deputy Chairman at Lloyds Bank; Vice Chairman of Legal & General; and Chairman of the London Investment Bankers' Association.  Since 2007 he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions.  He also co-led the independent review of the report that the FSA produced into the failure of Royal Bank of Scotland.

Commenting, Marcus Agius said, "Barclays is fortunate to have attracted Sir David Walker to succeed me as Chairman.  He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets.  I wish him every success as he leads Barclays at this important time."

Sir John Sunderland, who led the process to appoint a successor to Marcus Agius, said today, "I am delighted that Sir David Walker has accepted the Board's invitation to become Chairman.  Sir David commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role." 

Sir David Walker commented "I am looking forward to joining the Barclays Boards and to playing my part in taking the company forward after recent events.  The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry.  My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new Chief Executive and I will be fully engaged in that process."

-ENDS-

Biographical details are attached.

Contractual arrangements are attached: fees payable as Chairman remain unchanged from those payable to Marcus Agius.

For further information please contact:

Investor Relations Charlie Rozes [phone]

Media Relations Giles Croot [phone]

About Barclays PLC

Barclays is a major global financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth and investment management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs 140,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.barclays.com

Biographical notes:  Sir David Walker

Education:

1961                                      Queen's College, Cambridge University, BA

Current positions:

2010 - date                      NBNK Investments plc, Deputy Chairman

2008 - date                      National Bank of Kuwait, International Advisory Board Member

2005 - date                      Morgan Stanley, Senior Advisor

                                          Group of Thirty (G30), Project Director

Career summary:

1995 - 2005                     Morgan Stanley

2000 - 2005                     Chairman, International

1995 - 2000                     Chairman & CEO, International

1977 - 1993                     Bank of England

1961 - 1977                     UK HM Treasury

Other positions held:

2002 - 2011                      Legal & General Group plc

2004 - 2011                      Vice Chairman

2002 - 2004                      Non-Executive Director

1994 - 2000                     Reuters Group, Non-Executive Director

1993 - 1997                     British Invisibles, Non-Executive Director

1993 - 1994                     Agricultural Mortgage Corp, Chairman

1992 - 1994                     Lloyds Bank plc, Deputy Chairman

1986 - 1992                    NatWest Financial Markets Group Inc, Chairman

1988 - 1992                    Securities & Investment Board (SIB) (UK), Chairman

Contractual arrangements - Sir David Walker

The appointment of Sir David Walker as a non-executive Director of Barclays PLC and Barclays Bank PLC ("Bank") will become effective on 1 September 2012.

Sir David's appointment as Chairman will become effective on 1 November 2012.

Fees and Time Commitment

As a non-executive Director of Barclays, Sir David will receive an annual fee of £250,000, £30,000 of which will be in the form of Barclays shares. 

As Chairman of Barclays, Sir David will receive an annual fee of £750,000 (inclusive of the annual fee he will receive as a non-executive Director).  £100,000 of the annual fee received as Chairman will be in the form of Barclays shares (replacing the £30,000 of the annual fee received as non-executive Director being in the form of Barclays shares).   

Sir David's time commitment will be no fewer than 4 days per week. 

Benefits

Sir David will be eligible for private health insurance.  Sir David is not eligible to participate in the Bank's incentive award and long-term incentive schemes, nor will he participate in the Bank's pension schemes or receive any pension contributions.

Notice Period

The appointment letter provides for a notice period of 12 months from Barclays or a notice period of 6 months from Sir David.

 

Document Inspection

Sir David's appointment letter will be held by the Barclays Corporate Secretariat and will be available for inspection during normal business hours from 1 September 2012 at the Group's Head Office: 1 Churchill Place, London, E14 5HP.

Listing Rule 9.6.13R

There is no other information required to be disclosed pursuant to paragraph LR9.6.13R of the Listing Rules of the Financial Services Authority.

 

END

 

 

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