Barclays Sacks Anthony Jenkins, Appoints John McFarlene as Chairman

Barclays has become the fourth major bank this year to part ways with its CEO after Deutsche Bank, Credit Suisse

According to official information, Barclays has parted ways with Antony Jenkins as Chief Executive Officer (CEO) and has appointed John McFarlane as an Executive Chairman to run the company until a new CEO is selected.

The change will come into effect in 9 days on the 17th of July pending a formal regulatory approval and when Mr McFarlane retires from his chairman position at FirstGroup. The new executive director of Barclays has also previously served on the board of Aviva PLC.

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Barclays is on the lookout for a new CEO as of today and its scheduled interim results will be published on the 29th of July as previously announced.

The move comes after Non-Executive Director, Deputy Chairman and Senior Independent Director, Sir Michael Rake took the initiative to replace Antony Jenkins from his CEO position.

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Mr. Rake sought new leadership in order to accelerate the pace of execution going forward and found that John McFarlane is ideally qualified until a permanent successor is appointed by the company.

John Mcfarlane will be working closely with Finance Director Tushar Morzaria and the Members of the Barclays Executive Committee who will be reporting directly to him.

Sir Michael Rake commented, “I reflected long and hard on the issue of Group leadership and discussed this with each of the Non-Executive Directors. Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.”

Mr. McFarlane commented on his appointment, “Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the Board in deciding that a change in leadership is required at this time. I would add my personal thanks for everything that Antony has done for us.”

“Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required,” he elaborated.

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