Banking giant Barclays has fired chief executive Antony Jenkins after deciding “a new set of skills” were needed at the helm.
As a result of Jenkins’ departure, outgoing FirstGroup chairman John McFarlane will become executive chairman of the bank on 17 July, when he retires from the Aberdeen-based transport group.
Barclays said its non-executive directors led by Sir Michael Rake, deputy chairman and senior independent director, decided that new leadership was needed to speed up cost-cutting at the bank, and McFarlane was “ideally qualified in this respect until a permanent successor is appointed”.
Rake said: “I reflected long and hard on the issue of group leadership and discussed this with each of the non-executive directors. Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.”
Jenkins, who took up the role three years ago, said: “I am very proud of the significant progress we have made since then.
“Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business.”