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Pin to quick picksBarclays Share News (BARC)

Share Price Information for Barclays (BARC)

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Share Price: 204.85
Bid: 204.75
Ask: 204.80
Change: -3.20 (-1.54%)
Spread: 0.05 (0.024%)
Open: 208.05
High: 208.90
Low: 202.90
Prev. Close: 208.05
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Barclays continues shake-up with two new directors

Mon, 22nd Apr 2013 11:15

LONDON, April 22 (Reuters) - Barclays named two newnon-executive directors on Monday as new bosses attempt to put aseries of scandals behind the British bank.

The board was criticised last year for being too indulgentwith management and failing to spot the risks from afree-wheeling, risk-taking culture under former Chief ExecutiveBob Diamond.

Alison Carnwath quit as head of its remuneration committeein July and said later that she had clashed with the board overDiamond's bonus.

Chairman David Walker and Chief Executive Antony Jenkinswere picked the following month after Barclays was fined $450million for manipulating Libor interest rates, with a brief tostreamline operations and overhaul the culture of the threecentury-old bank.

Barclays said Frits van Paasschen, who is president and CEOof U.S. group Starwood Hotels and Resorts Worldwide,would join the board in August and Michael Ashley, head ofquality and risk management for KPMG in Europe, a month later.

Ashley will be the fourth new non-executive, alongside TimBreedon who arrived in November and Diane de Saint Victor inMarch.

Andrew Likierman, who joined the board in 2004, is steppingdown. The other remaining nine non-executive directors arestanding for re-election at the annual shareholder meeting onThursday, and critics say the changes at the top of Barclayshave not gone far enough.

John Sunderland, who has been on the board for eight yearsand replaced Carnwath as head of remuneration, was harshlycriticised by politicians in January for defending a pastpay-out to Diamond.

Fulvio Conti joined the board in 2006 and Michael Rake, thedeputy chairman who has been on the board for five years, saidin October he had no plans to resign, after the Financial Timesreported that he was likely to depart soon.

There have been big changes below board level, however.

CEO Jenkins said on Friday that Diamond's last toplieutenants - investment bank boss Rich Ricci and wealthmanagement head Tom Kalaris - would be leaving..

Finance director Chris Lucas said in February he wouldretire as soon as a replacement is found.

Barclays said Van Paasschen has previously been CEO of CoorsBrewing Co. and had senior roles at Nike and Disney ConsumerProducts.

It said Ashley is an experienced auditor and financialexpert, with over 20 years as an audit partner, including leadaudit partner for several large financial firms.

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