Former Standard Life chair Sir Gerry Grimstone to leave Barclays

Former Standard Life Aberdeen chairman Sir Gerry Grimstone is to step down as chair of Barclays’ investment banking and international arm at the end of the month.

Grimstone recently left Standard Life Aberdeen. Picture: Graham Flack

Grimstone had been viewed as a potential successor to Barclays’ group chairman John MacFarlane after he joined the board of the group as deputy chairman in 2016.

MacFarlane is to be replaced by Rothschild & Co veteran Nigel Higgins who will also succeed Grimstone as chairman of Barclays Bank from 1 March.

Higgins will assume chairmanship of Barclays group following the bank’s annual general meeting on 2 May.

Grimstone said: “After 20 years sitting on the boards of a number of listed companies, and having recently stepped down from the chairmanship of Standard Life Aberdeen, it is an appropriate moment for a change.”

He is to concentrate on his public sector activities in the UK and his work with consultancy Deloitte in Europe, as well as his activities in the Gulf, India, China and the Asia-Pacific.

McFarlane said: “Sir Gerry has made an important contribution to Barclays, initially as group deputy chairman and later as chairman of Barclays Bank where he oversaw the establishment of the subsidiary board and governance arrangements, as well as being a senior colleague on the group board.”

Former HSBC chairman, Scottish-born Sir Douglas Flint, succeeded Grimstone as chairman of Standard Life Aberdeen at the start of this year.