Another senior management change at Barclays, as Sir Michael Rake to step down as Director

Shortly after Barclays PLC (LON:BARC) named Jes Staley as its Group CEO, the bank announces another senior management change, as Sir Michael Rake is about to step down as a Director at Barclays with effect from 31 December 2015.

Sir Gerry Grimstone has been named a non-executive Director of Barclays with effect from 1 January 2016 and will succeed Sir Michael Rake as Senior Independent Director and Deputy Chairman with effect from 1 January 2016.

Sir Gerry Grimstone has been Chairman of Standard Life plc since May 2007, having previously been appointed Deputy Chairman in March 2006. He is also an Independent Non-Executive Board Member of Deloitte LLP and the Lead Non-Executive at the Ministry of Defence, as well as a member of the governing bodies of the Financial Services Trade and Investment Board and the Shareholder Executive.

Commenting, John McFarlane said,

“I am delighted that Sir Gerry Grimstone has accepted the Board’s invitation to join Barclays and to become Deputy Chairman and Senior Independent Director. Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.


Sir Michael Rake

I would like to thank Sir Michael Rake on behalf of the Boards of Barclays PLC and Barclays Bank PLC for his dedicated service and commitment over eight years as a director, including being Senior Independent Director since October 2011 and Deputy Chairman since July 2012. His wise counsel and advice have been invaluable in helping Barclays steer its way through a challenging period for the sector. I am particularly grateful to Mike for successfully overseeing the appointment of a new Chief Executive in Jes Staley.”

Sir Gerry Grimstone commented,

“I am immensely looking forward to joining the Barclays Boards and to playing my part in delivering Barclays’ strategic priorities. I am particularly looking forward to supporting John McFarlane and Jes Staley as they seek to complete the cultural transformation of Barclays and accelerate the delivery of sustainable shareholder returns.”

Sir Michael Rake stated,

“The last eight years have been an eventful and difficult period for the banking industry. However, Barclays is emerging in a stronger position and I am very confident that it will succeed and prosper under its new leadership. I wish it well for the future.”

To view the official announcement from Barclays, click here.

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