Barclays PLC (NYSE:BCS) (LON:BARC) announced the appointment of Tushar Morzaria as group finance director on Tuesday. He will take over the responsibilities of Chris Lucas who will retire from his position. Lucas announced his retirement last February.
Barclays on Morzaria’s appointment
According to Barclays PLC (NYSE:BCS) (LON:BARC), Morzaria is the current chief financial officer, Corporate Investment Banking at JPMorgan Chase & Co. (NYSE:JPM). He is a qualified chartered accountant, and he also previously worked and handled jobs in the field of finance at Credit Suisse Group AG (NYSE:CS) and SG Warburg.
Morzaria will assume his role as group finance director at Barclays starting in the autumn this year. He will be joining the executive committee of the bank, and he will report directly to Antony Jenkins, group chief executive at Barclays.
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In addition, Barclays PLC (NYSE:BCS) (LON:BARC) said Morzaria will also join the board of the group as executive director effective January 1, 2014 to allow an orderly transition of responsibilities.
Lucas will remain as group finance director and a member of the executive committee until his retirement on February 28. According to the bank, Lucas is still responsible for the financial reporting for 2013.
“I am delighted to welcome Tushar to Barclays. He is an accomplished professional with first class strategic financial management experience built up over 20 years, including the last four as a key leader in JPMorgan Chase & Co. (NYSE:JPM)’s Corporate and Investment Bank. He will bring a welcome new perspective to what is a pivotal role, and I am very much looking forward to working with him as we transform Barclays into the ‘Go-To’ bank,” said Jenkins in a statement.
Jenkins’ expression of gratitude
Jenkins also expressed his gratitude to Lucas for his dedicated service to Barclays PLC (NYSE:BCS) (LON:BARC). He noted the significant contribution of Lucas in his role in maintaining the financial strength of the bank during the financial crisis onwards.
He said, “It is a typical mark of his commitment and professionalism that he has agreed to stay on as group finance director until the end of February to complete this reporting cycle and support Tushar as he learns about the business.”
On the other hand, Morzaria stated, “I am looking forward to returning to the UK to lead Barclays’ finance function. The work which Antony, together with the Executive Committee and the Board, have done over the last nine months has really begun the process of restoring trust in Barclays. I am excited at the opportunity to be part of the leadership team which will deliver on the promised change in performance and culture.”
Morzaria is a British citizen. He moved from Uganda to Britain in 1971.
Barclays PLC (NYSE:BCS) (LON:BARC) said Morzaria’s annual compensation will be £800,000 ($1.2 million), and he is entitled for a yearly bonus of up to 250 percent of his salary. In addition, he will also receive a long-term incentive plan of up to 400 percent of the salary.