British banking giant Barclays has named Scottish-born banker John McFarlane as its next chairman.
McFarlane, will join as a non-executive director on 1 January 2015 and replace David Walker after the annual general meeting in April next year, the bank said.
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John McFarlane is currently chairman of Aviva, having joined the Aviva Board in September 2011 and becoming chairman in July 2012.
He is also chairman of FirstGroup and he will be stepping down from both positions at the conclusion of their AGMs in April and July 2015, respectively.
The new chairman will be paid £800,000 a year, including £100,000 in shares for working the equivalent of 80% of a full-time job, Barclays said.
The appointment has been approved by the Prudential Regulation Authority and the Financial Conduct Authority.
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By GlobalDataCommenting on the appointment, Walker 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.”
