Barclays PLC Directorate Change (5174R)

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RNS Number : 5174R

Barclays PLC

12 September 2014

12 September 2014

Barclays PLC

John McFarlane appointed to succeed Sir David Walker as Chairman

Barclays PLC and Barclays Bank PLC ("Barclays") announce that John McFarlane has been appointed as a non-executive Director of Barclays with effect from 1 January 2015 and will succeed Sir David Walker as Chairman of Barclays with effect from the conclusion of the Barclays PLC AGM in 2015.

Sir David Walker will step down as a Director and as Chairman of Barclays with effect from the conclusion of the Barclays AGM in 2015.

John McFarlane is currently Chairman of Aviva plc, having joined the Aviva Board in September 2011 and becoming Chairman in July 2012. He is also Chairman of FirstGroup plc and he will be stepping down from both positions at the conclusion of their AGMs in April and July 2015, respectively. Barclays is grateful to Aviva and FirstGroup for agreeing to release Mr McFarlane to take on this important role. The appointment has been approved by the Prudential Regulation Authority and the Financial Conduct Authority.

Mr McFarlane will remain a non-executive Director of Westfield Holdings Ltd and Old Oak Holdings Ltd.

Mr McFarlane has a strong track record as a CEO and subsequently as a Chairman. He brings extensive experience of investment, corporate and retail banking, as well as insurance, strategy, risk and cultural change.

Mr McFarlane served as Chief Executive Officer of Australia and New Zealand Banking Group (ANZ) from1997 to 2007 and prior to that was a group Executive Director at Standard Chartered. He has also held senior positions at Citicorp, including as Managing Director of Citicorp Investment Bank and later head of Citicorp and Citibank in the UK and Ireland. His past non-executive directorships include Royal Bank of Scotland Group and Capital Radio.

Commenting, Sir David Walker said, "I am delighted that Barclays has appointed John McFarlane to succeed me as Chairman. We are making good progress toward the delivery of our strategic objectives and I have every confidence that John will work very successfully with Antony Jenkins in leading this great bank through the next phase of that journey.

Sir John Sunderland, who led the process to appoint a successor to Sir David Walker, said today, "The Barclays Board set very challenging requirements for its new Chairman and I am very pleased that in John McFarlane we have identified someone who met all of our criteria. John is an enormously experienced and respected banker with global experience of both retail and investment banking and he will bring great leadership, integrity and knowledge to the role."

John McFarlane commented "I am looking forward enormously to joining the Barclays Board and to working with my fellow non-executive Directors, Antony Jenkins and his leadership team to deliver the strategy that Barclays has committed to and which I fully support. Under Sir David's leadership Barclays has made significant progress in putting in place the foundations for sustainable, long term success. I am very excited to be asked to Chair Barclays as it enters the next, important stage of its long history."

-ENDS-

Biographical details are attached.

Contractual arrangements are attached:

For further information, please contact:

Barclays

   Investor Relations                                                            Media Relations 
   Charlie Rozes                                                                    Giles Croot 
   [phone]                                                      [phone] 

About Barclays

Barclays is an international financial services provider engaged in personal banking, credit cards, corporate and investment banking and wealth management with an extensive presence in Europe, the Americas, Africa and Asia. Barclays' purpose is to help people achieve their ambitions - in the right way.

With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs approximately 135,000 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: John McFarlane, OBE

Education:

 
 1975   Cranfield School of Management, Bedford, 
         MBA 
 1969   University of Edinburgh, MA 
 

Current positions:

 
 2012 - date   Aviva plc, Chairman 
 2014 - date   FirstGroup Plc, Chairman 
 2008 - date   Old Oak Holdings Ltd, non-executive Director 
 2008 - date   Westfield Holdings Ltd, non-executive Director 
 

Career summary:

 
 1997 - 2007   Australia & New Zealand Banking Group LTD. 
                Chief Executive Officer 
 
 1993 - 1997   Standard Chartered PLC 
                Group Executive Director 
  1993 -1995    Head, Group Strategy, Institutional Banking and 
                 Markets, Credit 
  1995 -1996    Head, North Asia, Hong Kong 
  1996 -1997    Head, Europe, Americas, South Asia, Middle East, 
                 Africa 
 
 1975 - 1993   Citicorp/Citibank 
 1990 -1993    Head, Citicorp/Citibank United Kingdom & Ireland 
 1987 -1990    Head, Citicorp Investment Bank Ltd, London 
 1983 -1987    Head, Treasury Marketing, FX and Interest Rate 
                Derivatives Trading, London 
 1980 - 1983   VP, Human Resources, Institutional Bank, London 
 1978 - 1980   VP, European Credit Training, London 
 1975 - 1978   Relationship Manager, London 
 
 1975 - 1978   Ford Motor Company (UK) LTD 
                Manufacturing posts 
 

Other Past Directorships held:

ANZ National Bank Ltd

Royal Bank of Scotland Group Plc (2008 - 2012), non-executive Director

Contractual arrangements - John McFarlane, OBE

The appointment of John McFarlane as a non-executive Director of Barclays PLC and Barclays Bank PLC ("Bank") will become effective on 1 January 2015.

Mr McFarlane's appointment as Chairman will become effective at the conclusion of the Barclays PLC AGM in 2015.

Fees and Time Commitment

As a non-executive Director of Barclays, Mr McFarlane will receive an annual fee of GBP250,000, GBP30,000 of which will be in the form of Barclays shares.

As Chairman of Barclays, Mr McFarlane will receive an annual fee of GBP800,000 (inclusive of the annual fee he will receive as a non-executive Director). GBP100,000 of the annual fee received as Chairman will be in the form of Barclays shares (replacing the GBP30,000 of the annual fee received as a non-executive Director being in the form of Barclays shares).

Mr McFarlane's time commitment to Barclays is expected to be 80% of a full time role.

Benefits

Mr McFarlane will be eligible for private health insurance. He 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 Mr McFarlane.

Document Inspection

Mr McFarlane's appointment letter is held by Barclays Corporate Secretariat and is available for inspection during normal business hours 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 Conduct Authority.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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