02 Nov 2018
John McFarlane is to retire from Barclays, where he served as Chairman for the past three years.
He will be succeeded by Nigel Higgins, who is currently Deputy Chairman of Rothschild & Co, a firm he joined in 1982 as a graduate.
Before taking up the position at Barclays, McFarlane held several senior positions, including CEO of Australia and New Zealand Banking Group (ANZ) and head of Citicorp and Citibank in the UK and Ireland.
Crawford Gillies, the Senior Independent Director who led the process to appoint a successor to Mr McFarlane, said:
“John has been an excellent Chairman during a period of fundamental restructuring of the business, and he has been instrumental in the huge effort to put the bank on a path to growth.”
McFarlane will step down with effect from the conclusion of the Barclays AGM on 2 May 2019, at which point Higgins will assume the role of Chairman, having joined the Board as a Non-Executive Director on 1 March 2019.
Higgins appointment is subject to regulatory approval by the Prudential Regulation Authority and the Financial Conduct Authority.
He will be appointed for an initial term of three years, subject to re-election by shareholder, and will be paid an annual fee of £80,000 for so long as he is a Non-Executive Director, and an all-inclusive annual fee at the same rate as the current Chairman with effect from his assuming that role, Barclays said.
Higgins will be expected to commit up to 4 days a week to the role and it will be his principal working commitment, the bank added.
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