Barclays Deputy Chairman Michael Rake Set to Leave Bank to Join Worldpay -- 2nd Update

By Max Colchester 

LONDON-- Barclays PLC Deputy Chairman Michael Rake is set to leave the bank by the end of the year, after being named chairman of payments company Worldpay.

In a statement, Worldpay said Mr. Rake will become nonexecutive chairman in September, subject to regulatory approval. A Barclays spokesman said that Mr. Rake will remain on the bank's board until at least the end of 2015.

Mr. Rake's decision to step away from Barclays after a seven year tenure on its board marks another high level departure for the British bank.

Earlier this month, Mr. Rake and other nonexecutive directors 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 previous 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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