Barclays retail financial institution chairman Ian Cheshire steps down

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Barclays retail financial institution chairman Ian Cheshire is stepping down after three years serving to to determine and lead the UK unit of the lender that was required by a “ringfencing” regulation launched following the monetary disaster.

Sir Ian, 61, can be changed by Crawford Gillies on the finish of the yr and depart the board in Might, in accordance with an announcement on Friday. A former Bain & Co marketing consultant and chairman of whisky and spirits group Edrington, Mr Gillies has been on the lender’s important board since 2014 and led the remuneration committee that units the financial institution’s pay insurance policies.

“Barclays UK will want a concerted concentrate on its plans to place the financial institution to assist clients in opposition to a backdrop of an financial system recovering from the results of the Covid-19 pandemic and a seamless low rate of interest surroundings,” Barclays stated.

“With remorse, Sir Ian has knowledgeable the group that he’s unable to accommodate the elevated time dedication and length required to see by means of this programme.”

Sir Ian joined Barclays in April 2017 when the lender was carving out its consumer-facing operations right into a separate firm to make sure it may very well be shielded from any issues in its riskier funding banking operation.

Earlier than Barclays, he led Kingfisher, the proprietor of dwelling enchancment model B&Q, and has additionally held a wide range of authorities non-executive roles. Earlier this yr, he joined the board of BT.

The board strikes come after the financial institution reshuffled its high govt ranks in September, with one eye on succession for chief govt Jes Staley. Two of Mr Staley’s high lieutenants got senior roles on the funding financial institution, a transfer designed to place them in competitors and “take a look at their mettle” as potential subsequent chief executives, the Monetary Instances has reported.

Whereas it had been reported that Mr Staley would step down within the close to future and a search course of has been began to search out his successor, he stated alongside the financial institution’s quarterly ends in October that he deliberate to remain for one more few years and is “not fairly able to push off the dock but”.

On the group board, Mr Gillies can be changed as chair of the remuneration committee by Brian Gilvary, an present director and the previous chief monetary officer of BP. The lender additionally introduced that Julia Williams, finance director of personal fairness group 3i, will be a part of as a non-executive director in April.

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