Business World

Monday 23 October 2017

Barclays chief executive Anthony Jenkins to step down

Antony Jenkins, chief executive officer of Barclays Plc
Antony Jenkins, chief executive officer of Barclays Plc Newsdesk Newsdesk

British multinational bank Barclays has announced that chief executive Antony Jenkins is to leave, with its chairman John McFarlane taking over executive duties, after the board decided new leadership was required to take the bank forward.

It said John McFarlane was ideally qualified to take over until a permanent successor to Jenkins was appointed.

A statement from the bank said: "The non-executive directors led by Sir Michael Rake, deputy chairman and senior independent director, concluded that new leadership is required to accelerate the pace of execution going forward.

"The board recognises the contribution made by Antony Jenkins as chief executive over the past three years in incredibly difficult circumstances for the group, and is extremely grateful to him in bringing the company to a much stronger position.

"The situation he inherited would have challenged anyone facing the same issues."

The bank said it would appoint chairman John McFarlane as executive chairman from 17 July until a successor was found.

Sir Mike Rake added: "I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors.

"Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.

"This does not take away from our appreciation of Antony’s contribution at a critical time for the company."

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