Marcus Agius will step down as a Director and as Chairman of Barclays with effect from 31 October 2012.
Sir David Walker is currently a Senior Adviser to US bank Morgan Stanley International, having previously held the position of Chairman. He has held a number of high profile positions over the past 30 years including Assistant Secretary at the Treasury; Executive Director at the Bank of England; Chairman and Chief Executive of the Securities and Investment Board; Deputy Chairman at Lloyds Bank; Vice Chairman of Legal & General; and Chairman of the London Investment Bankers' Association. Since 2007 he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions. He also co-led the independent review of the report that the FSA produced into the failure of Royal Bank of Scotland.
Commenting, Marcus Agius said, “Barclays is fortunate to have attracted Sir David Walker to succeed me as Chairman. He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets. I wish him every success as he leads Barclays at this important time.”
Sir John Sunderland, who led the process to appoint a successor to Marcus Agius, said today, “I am delighted that Sir David Walker has accepted the Board’s invitation to become Chairman. Sir David commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.”
Sir David Walker commented “I am looking forward to joining the Barclays Boards and to playing my part in taking the company forward after recent events. The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry. My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new Chief Executive and I will be fully engaged in that process.”
Image of Sir David Walker available on request.
Biographical notes: Sir David Walker
1961 Queen’s College, Cambridge University, BA
2010 – date NBNK Investments plc, Deputy Chairman
2008 – date National Bank of Kuwait, International Advisory Board Member
2005 – date Morgan Stanley, Senior Advisor
Group of Thirty (G30), Project Director
1995 – 2005 Morgan Stanley
2000 – 2005 Chairman, International
1995 – 2000 Chairman & CEO, International
1977 – 1993 Bank of England
1961 – 1977 UK HM Treasury
Other positions held:
2002 – 2011 Legal & General Group plc
2004 – 2011 Vice Chairman
2002 – 2004 Non-Executive Director
1994 – 2000 Reuters Group, Non-Executive Director
1993 – 1997 British Invisibles, Non-Executive Director
1993 – 1994 Agricultural Mortgage Corp, Chairman
1992 – 1994 Lloyds Bank plc, Deputy Chairman
1986 – 1992 NatWest Financial Markets Group Inc, Chairman
1988 – 1992 Securities & Investment Board (SIB) (UK), Chairman
Contractual arrangements – Sir David Walker
The appointment of Sir David Walker as a non-executive Director of Barclays PLC and Barclays Bank PLC (“Bank”) will become effective on 1 September 2012.
Sir David’s appointment as Chairman will become effective on 1 November 2012.
Fees and Time Commitment
As a non-executive Director of Barclays, Sir David will receive an annual fee of £250,000, £30,000 of which will be in the form of Barclays shares.
As Chairman of Barclays, Sir David will receive an annual fee of £750,000 (inclusive of the annual fee he will receive as a non-executive Director). £100,000 of the annual fee received as Chairman will be in the form of Barclays shares (replacing the £30,000 of the annual fee received as non-executive Director being in the form of Barclays shares).
Sir David’s time commitment will be no fewer than 4 days per week.
Sir David will be eligible for private health insurance. Sir David 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.
The appointment letter provides for a notice period of 12 months from Barclays or a notice period of 6 months from Sir David.
Sir David’s appointment letter will be held by the Barclays Corporate Secretariat and will be available for inspection during normal business hours from 1 September 2012 at the Group’s Head Office: 1 Churchill Place, London, E14 5HP.