02/07/2012
Barclays chairman resigns
Barclays has today (Monday, July 2nd) announced the resignation of its chairman, Marcus Agius. The search for a new successor both from within the existing board members and from outside will be led by Sir John Sunderland and will commence today. Mr Agius will remain in post until an orderlu succession is assured and Sir Michael Rake has been appointed deputy chairman Commenting, Marcus Agius said, “It has been my privilege to serve as Barclays Chairman for the past six years. This has been a period of unprecedented stress and turmoil for the banking industry in particular and for the wider world economy in general. Barclays has been well served by an excellent executive team - led, first by John Varley, and now by Bob Diamond – which has worked constructively with a strong and supportive Board of directors. Barclays has remained resilient throughout the crisis, and has worked hard to ensure that today it is a strong, well capitalised and profitable business. But last week’s events – evidencing as they do unacceptable standards of behaviour within the bank – have dealt a devastating blow to Barclays reputation. As Chairman, I am the ultimate guardian of the bank’s reputation. Accordingly, the buck stops with me and I must acknowledge responsibility by standing aside».The Board has also agreed to launch an audit of its business practices.
