Barclays hires Standard Life chair

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Barclays has appointed the chairman of Standard Life as a non-executive director and deputy chairman from next year.

Sir Gerry Grimstone will join the bank in January, replacing Sir Michael Rake who will step down from 31 December.

Grimstone will continue as chair of Standard Life, a position he has held since May 2007.

He is also an independent non-executive board member at Deloitte, and the lead non-executive director at the Ministry of Defence.

Barclays chairman John McFarlane says: “I am delighted that Sir Gerry Grimstone has accepted the board’s invitation to join Barclays and to become deputy chairman and senior independent Director. Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role. “

Grimstone previously spent 13 years with Schroders in London, Hong Kong and New York, and served as vice chair of its worldwide investment banking operations.