Sir Mike Rake to take on chair at Worldpay

Sir Mike Rake. Picture: PA
Sir Mike Rake. Picture: PA
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Barclays deputy chairman Sir Mike Rake is expected to leave at the end of the year after being appointed chairman of payments processing firm Worldpay.

Rake will take up the post at Worldpay on 1 September and Barclays said he would hold both positions until “at least” the end of 2015, although it is understood he has already made it clear to the bank’s board he plans to step down by early 2016.

Details of the appointment come just a week after Barclays chief executive Antony Jenkins was fired amid reports of a boardroom fallout.

Recently appointed Scots chairman John McFarlanee said a new leader was needed for the bank after revenue and shares growth had failed to impress.

McFarlane is taking over duties from Jenkins as executive chairman on an interim basis from Friday.

A spokesman for Barclays said yesterday: “Sir Michael Rake is the deputy chairman and senior independent director on the Barclays board.

“Sir Michael intends to continue in these positions, and be a member of the board, until at least the end of 2015. If and when he stands down from the Barclays board, a new senior independent director will of course have been appointed.”

It is thought Rake had already told McFarlane that he was planning to leave Barclays at the end of the year and informed the board last month he was in talks with Worldpay.

Rake joined the board of Barclays in January 2008 and has been deputy chairman since July 2012. He is also chairman of BT Group and previously headed the board of EasyJet, while he just stepped down as president of the CBI business lobby group.

As chairman of Worldpay, he would be taking on an important role for the group as it prepares for a stock market listing. He succeeds John Allan at Worldpay, which was formerly owned by Royal Bank of Scotland.

Allan said: “[Rake’s] expertise in financial services and technology and his experience of leading boards will be invaluable to Worldpay.”