Rake to stay on Barclays board until CEO is found

London

BARCLAYS plc deputy chairman Michael Rake will stay on the bank's board until a chief executive officer is found to replace Antony Jenkins, who was fired last week in a boardroom revolt.

"Michael Rake will continue to serve on the Barclays boards as deputy chairman and senior independent director until such time as a new group chief executive is in post, John McFarlane has reverted to the role of non-executive chairman and a replacement senior independent director is in place," the lender said on Thursday.

Mr Rake, who led the board's ouster of Mr Jenkins, becomes chairman of payment processor WorldPay Ltd on Sept 1, prompting reports he would step down from the Barclays board this year as rules limit the number of directorships a person can hold.

Barclays executive chairman Mr McFarlane, who is acting CEO, has told employees of the London-based bank he will not name a replacement for Mr Jenkins until next year, probably in the spring.

When he joins WorldPay, Mr Rake will hold five directorships, more than the maximum of four allowed under European rules. This means he will have to apply to Bank of England regulators for a waiver, a person familiar with Mr Rake's plans said on Wednesday.

The search for a new deputy chairman and senior independent director, which will consider both internal and external candidates, will start shortly, the person said.

Mr Rake, 67, who is also chairman of BT Group plc, joined Barclays in 2008 after a 30-year career at KPMG. He was named senior independent director in 2011 and deputy chairman a year later. He is also president of the Confederation of British Industry. Bloomberg