(Sharecast News) - Barclays said Ian Cheshire would step down as chairman of its UK bank because lacks the time to lead the lender through economic recovery from the effects of Covid-19.
Crawford Gillies, a Barclays' group non-executive director, will replace Cheshire on 1 January. Gillies, a director since 2014, will stay on the group board and step down as senior independent director.
Cheshire, the former boss of Kingfisher, joined Barclays' board in 2017 and helped establish Barclays UK, which was set up under rules introduced after the financial crisis. The UK bank faces a tough period after lending billions to businesses under the government's Covid-19 support plan and with the economy facing further turbulence.
Barclays said: "Over the next few years, Barclays UK will need a concerted focus on its plans to position the bank to support customers against a backdrop of an economy recovering from the effects of the Covid-19 pandemic and a continuing low interest rate environment. With regret, Sir Ian has informed the group that he is unable to accommodate the increased time commitment and duration required to see through this programme."
Cheshire will stay on Barclays' board until the annual general meeting in May. Brian Gilvary, who joined Barclays' board in February, will replace Gillies as senior independent director and will take over as chair of the remuneration committee on 1 March.
Barclays also said Julia Wilson, 3i's finance director, would join as a non-executive director on 1 April.
Barclays (BARC)21 May 2024 10:47
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