Aviva chairman John McFarlane is to replace Sir David Walker as chairman of Barclays.
McFarlane will take up the chairman role at the bank in April. Aviva has announced that Sir Adrian Montague, who already sits on the insurer’s board, will become non-executive chairman when McFarlane joins Barclays.
Aviva says it was made aware “some time ago that McFarlane might need to leave earlier than he had anticipated to return to banking. “
The insurer has thanked McFarlane “for the enormous commitment and contribution made by him since joining the board three years ago.”
The appointment of Sir Adrian Montague, a former chairman of Friends Provident, has been approved by the FCA and Prudential Regulation Authority.
John McFarlane says: “I am very pleased with the progress Aviva has made, and although it is naturally with some regret that I step down, I am glad to be leaving the company in safe hands.
“I have great respect for Adrian, having worked very closely together over the past two years. His considerable experience in financial services, including insurance, as well as in government and regulatory matters are invaluable to us.
“His appointment has my full support as well as that of the board and the senior executive team, and I wish him well.”