Barclays Names McFarlane As New Chairman

By Mark Kleinman, City Editor

Barclays has named one of Scotland's most senior businessmen as its next chairman, recruiting John McFarlane from the FTSE 100 insurance giant Aviva.

Confirming a report by Sky News, Barclays said on Friday that Mr McFarlane, who also chairs the Aberdeen-based transport group FirstGroup, would take over as Sir David Walker's successor next year.

A former board member at Royal Bank of Scotland, Mr McFarlane will be replaced at Aviva by existing board member Sir Adrian Montague, one of Britain's leading industrialists.

The appointment of McFarlane at Barclays ends a six-month search by the bank for a successor to Sir David, who took the helm in the wake of the Libor rate-rigging scandal in 2012.

A well-regarded City figure, Mr McFarlane will be charged with leading Barclays' rehabilitation alongside Antony Jenkins, the chief executive who has faced a difficult year after another shareholder row over bonus payments to staff.

There have been signs in recent months, however, that Mr Jenkins has begun to win long-term support from investors for his plans to overhaul Barclays, which include shrinking its investment bank and cutting thousands of jobs across its global operations.

Mr McFarlane, who will also relinquish the chairmanship at FirstGroup next year, said he was "excited" to be asked to chair Barclays.

A former chief executive of Australia and New Zealand Banking Group and executive at Standard Chartered, he has also served on the board of Royal Bank of Scotland.

Sir David said: "I am delighted that Barclays has appointed John McFarlane to succeed me as Chairman.

"We are making good progress toward the delivery of our strategic objectives and I have every confidence that John will work very successfully with Antony Jenkins in leading this great bank through the next phase of that journey."

Mr McFarlane's arrival is likely to herald a string of changes in Barclays' boardroom, with Sir John Sunderland, who led the search for the new chairman, and Sir Mike Rake, the CBI president who is the bank's deputy chair, expected to step down.

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