Barclays overhaul plan: Non-executives appointed

BARCLAYS has named two new non-executive directors as the bank attempts to put a series of scandals behind it.

KPMG's Michael Ashley will join Barclays' board this year. Picture: PA

The board came under fire last year for being too indulgent with management and failing to spot the risks from a free-wheeling, risk-taking culture under former chief executive Bob Diamond.

Alison Carnwath quit as head of its remuneration committee in July and said later that she had clashed with the board over Diamond’s bonus.

Chairman Sir David Walker and chief executive Antony Jenkins were picked the following month after Barclays was fined £290 million for manipulating Libor interest rates. They were tasked with streamlining operations and overhauling the culture of the 323-year-old institution.

Barclays said yesterday that Frits van Paasschen, president and chief executive of US group Starwood Hotels and Resorts Worldwide, would join the board in August with Michael Ashley, head of quality and risk management for KPMG in Europe, joining a month later.

Ashley will be the fourth new non-executive, alongside Tim Breedon who arrived in November and Diane de Saint Victor in March.

Andrew Likierman, who joined the board in 2004, is stepping down. The other remaining nine non-executive directors are standing for re-election at the annual shareholder meeting on Thursday.

Walker said of the latest appointments: “Both have significant experience dealing with the challenges of leading complex global businesses.”