Barclays names David Walker as new chairman
Walker is a City veteran and corporate governance expert
By CFOWorld staff | CFO UK | Published 09:56, 10 August 12
Barclays named former Bank of England official David Walker as it next chairman, filling the leadership void left by the departure of three senior executives amid the Libor fixing scandal.
Barclays shares rose on Friday as the bank announced the appointment of City veteran Walker, aged 72, as chairman to replace outgoing chairman Marcus Agius.
The bank chose the corporate governance expert to lead the recovery from the UK bank's interest rate rigging scandal.
Walker is a former Bank and Treasury official who wrote one of the most significant governance manuals for UK banks and has investment banking experience from 17 years at Morgan Stanley.
All could be valuable for Barclays's recovery efforts, and see the bank cut pay, improve culture and pick a new chief executive who is not afraid to change strategy, analysts said.
By 0720 GMT Barclays shares were up 1.2 percent, the strongest performer in the European bank index, which was down 0.7 percent.
Barclays said late on Thursday that Walker would become a director at the start of September and take the chairman's seat two months later.
Walker said he would be "fully engaged" in the hunt for a new CEO, and current chairman Agius told staff he was encouraged by the quality of candidates seen so far.
Barclays was fined £290 million in June for manipulating Libor lending rates in a scandal that unearthed deep problems in its relations with regulators as they forced out CEO Bob Diamond (pictured).
Another key issue for new bosses is the future of its investment bank, which many analysts expect to be shrunk.
photo credit: Reuters
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