Michael Rake Set to Leave Barclays

LONDON—Barclays PLC Deputy Chairman Michael Rake is set to leave the bank by the end of the year, according to people familiar with the matter, in the latest shake-up of the British lender's top ranks.

Mr. Rake, who joined the board of Barclays in 2008 and became deputy chairman in 2012, is set to be announced as chairman of payments processing company Worldpay as early as Wednesday, one of the people said. Mr. Rake plans to stay on as Barclays deputy chairman for a few months to oversee a hand over to his successor, the person said.

Earlier this month Mr. Rake orchestrated the ousting of Antony Jenkins as Barclays' chief executive following a string of disappointing results. New Chairman John McFarlane is currently running the bank as it hunts for a new chief executive, a process that could take several months. The Scot is no stranger to turning the screws on underperforming companies. In his last job as chairman of British insurer Aviva, six board members left.

Mr. Rake, who is also chairman of telecom giant BT Group PLC, was once considered a contender to become the chairman of Barclays. However, after the departure of pervious Chairman David Walker the 67-year-old ruled himself out of contention.

At Worldpay Mr. Rake is expected to help lead a potential initial public offering of the company later this year.

Write to Max Colchester at [e-mail]

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