Barclays has appointed Sir David Walker as its new chairman in the aftermath of the Libor scandal.
The author of the 2009 Walker Review into banking and the former chairman of Morgan Stanley International will replace Marcus Agius at the beginning of November.
The appointment of Walker, who will become a non-executive director of Barclays from 1 September, is the first step by the bank to fill a number of gaps made at the top of its management team after it was fined over £290m by US and UK regulators in June for manipulating Libor rates.
The scandal led to the resignation of chief executive Bob Diamond as well as chairman Agius, although he then agreed to stay on to help find a successor. Chief operating officer Jerry Del Missier also resigned.
Walker will receive an annual fee of £750,000 for taking on the role of Barclays chairman, with £100,000 coming in the form shares in the bank. According to the market statement, Walker will work no less than four days a week at the bank.
Walker has held a number of high profile positions over the past 30 years including assistant secretary at the Treasury; executive director at the Bank of England; chairman and chief executive of the Securities and Investment Board and deputy chairman at Lloyds Bank.
He also co-led the independent review of the report that the FSA produced into the failure of Royal Bank of Scotland.
Outgoing chairman Marcus Agius says: “”Barclays is fortunate to have attracted Sir David Walker to succeed me as chairman. He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets. I wish him every success as he leads Barclays at this important time.”
Walker says: “The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry. My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new chief executive and I will be fully engaged in that process.”