We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedPeople Management

Barclays names David Walker as new chairman

Walker is a City veteran and corporate governance expert

Article comments

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


Recommended Articles


Barclays names David Walker as new chairman
People Management

Is the CFO still the sole sacrificial lamb when a company struggles?

Is the CFO still the sole sacrificial lamb when a company struggles?

Tesco's announcement today that boss Philip Clarke is to leave proves that's no longer the casemore ..

Diageo brings Facebook’s Nicola Mendelsohn on board

Mendelsohn is an expert in digital marketingmore ..

Engineer Babcock International promotes group FD

Its financial controller of 12 years will step up to be the new group FD as Bill Tame becomes CEO of the international divisionmore ..

Tesco ex-FD appointed Morrison’s next chairman

Andrew Higginson served as finance director at Tesco for 15 yearsmore ..

Ten tactics to unleash the potential of Generation Y in finance

Most CFOs are Baby Boomers or Generation X-ers – the difference in mindset is hugemore ..

What's the role of the finance chief in a takeover bid?

With Pfizer's possible takeover of Astrazeneca in the spotlight we take a look at how pivotal the CFO is in such a dealmore ..

Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..


* *