Barclays board shake-up sees three directors step down
By Abigail Townsend
Date: Wednesday 06 Mar 2019
(Sharecast News) - Barclays has announced that three non-executive directors are stepping down from its board, including City veteran Mike Turner.
As well as Turner - who ran BAE Systems and was chairman of GKN - Reuben Jeffery and Dambisa Moyo are to step down and not seek re-election at the annual general meeting on 2 May.
Barclays said that Jeffery and Moyo had both completed nine years' service, and so are no longer considered independent under the UK Corporate Governance Code.
It added: "The successful implementation of ring-fencing and imminent arrival of a new chairman present an opportunity to review the size of the board, and Mike Turner will therefore also be stepping down at the upcoming AGM."
The announcement brings the total number of directors leaving Barclays' board to five, following the recent resignations of Gerry Grimstone and chairman John McFarlane, who is being succeeded by Rothschild banker Nigel Higgins.
Barclays is facing pressure from Edward Bramson, the American activist investor and its fourth-largest shareholder, to shake up its corporate strategy and structure. In particular, Bramson wants the blue chip to shrink its investment banking arm and refocus on retail.
He is also hoping to win enough votes to secure a position on the board at the AGM.
Outgoing chair McFarlane said: "It isn't always an easy decision to be on a major bank board, particularly over a difficult period for the sector, and I am grateful to all of them for undertaking this with such commitment."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN