Barclays begins search for new finance chief

By JOHN FAHEY AND GRAEME EVANS
Published on 04/02/2013 09:18

Banking giant Barclays is facing more boardroom upheaval after announcing that its finance director since 2007 is to leave the group.

Chris Lucas will remain in the post until the lender finds a replacement, a process that could take a “considerable time” to complete.

News of his departure and that of Mark Harding, general counsel, comes just days before new chief executive Antony Jenkins bids to repair the bank’s battered reputation with a presentation on the company’s new strategy.

Lucas is one of several past and present Barclays staff being investigated over whether the bank broke the rules when it took big cash infusions from Qatar’s sovereign wealth fund in 2008.

Barclays has also seen several top executives, including chief executive Bob Diamond, leave since a rate-fixing scandal erupted last year.

The bank was hit with a $453 million (£289m) fine after it emerged that executives had been involved in a campaign to rig a key interest Libor rate.

Jenkins said that with the bank’s change programme set take place over the next five to ten years, both directors felt that it was right time for them pass on their roles to executives who can commit to seeing that programme to completion.

He added: “Chris and Mark both expressed to me late last year that they were considering stepping down from their roles at Barclays.

“The rationale which each shared with me was consistent and, typically, grounded in wanting to do what is best for the bank.

“Their decision to retire was theirs alone.

Lucas said: “It has been my great pleasure and privilege to serve as group finance director of Barclays for nearly six years now.

“While it has undoubtedly been the most eventful period during which anyone could have occupied a role such as mine, I have thoroughly enjoyed the challenge.”