Published October 24, 2012
LONDON – Sir David Walker plans to overhaul of Barclays' board after he formally becomes the bank's chairman on November 1, and he will oversee the replacement of executives, the Financial Times reported on Thursday.
Walker has made clear in remarks since being appointed in August that he also plans to change some of the bank's non-executives and work closely with new Chief Executive Antony Jenkins to improve culture across the bank.
He is set to replace most non-executives over the next six to 12 months and has approached some of senior City of London figures.
Some of those approached regarding board positions include the former Lloyd's of London chairman Lord Levene, and Lord Davies, the former chairman of Standard Chartered .
Others approached for unspecified roles at the bank include Colm Kelleher, the European head of Morgan Stanley , and Jonathan Moulds, the former European head of Bank of America Merrill Lynch .
Outgoing chairman Marcus Agius, former chief executive Bob Diamond and former chief operating officer Jerry del Missier all resigned in the summer, following the Libor rate-rigging scandal that engulfed the bank and led to a 290 million pound ($464.86 million) settlement with regulators.
Barclays has started the search for a new head of human resources to replace Sally Bott, who resigned with immediate effect on Friday, 18 months after joining the British bank.
The FT reported that the reshuffle could include a new finance director to replace Chris Lucas, who has been unwell for some time and is expected to retire next year.
Some investors also expect Rich Ricci, Barclays investment banking head, to be replaced given his close associations with the previous regime and Diamond in particular, according to the FT's report.
(Reporting by Stephen Mangan)