Barclays chief executive Antony Jenkins has been sacked from the bank after non-executive directors decided new leadership was needed.
In an announcement this morning, Barclays say the change will come into effect on 17 July.
Former Aviva chair John McFarlane, who became Barclays chairman in April, will take on the role of executive chairman until a new chief executive is hired. The bank says it has already begun looking for Jenkins’ successor.
Jenkins will continue to be paid his £1.1m salary, £950,000 in Barclays shares, £363,000 pension allowance and other benefits until July 2016.
McFarlane will continue to be paid his annual fee of £800,000.
Barclays deputy chairman and senior independent director Sir Michael Rake, who led the call for change at the top, says: “I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors.
“Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead. This does not take away from our appreciation of Antony’s contribution at a critical time for the company.”
McFarlane says: “Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the board in deciding that a change in leadership is required at this time. I would add my personal thanks for everything that Antony has done for us. He can be proud of his heritage, especially his excellent work on culture and values that we will continue. I wish him well.”
Jenkins says: “In the summer of 2012, I became group chief executive at a particularly difficult time for Barclays. It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the significant progress we have made since then.
“While the external environment has continued to be, and will remain, challenging the group now has the resilience to overcome these challenges.”