Two Top Barclays Executives To Retire

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Two Top Barclays Executives To Retire

Chris Lucas, finance director of Barclays PLC (LON:BARC) (NYSE:BCS) decided to step down from his position in the company.  Mark Harding, general counsel of the bank will also retire from his position.

According to the bank, both Lucas and Harding will remain in their roles until Barclays PLC (LON:BARC) (NYSE:BCS) have filled the new appointments and the transition of responsibilities have been completed. The bank said the search for new finance director and general counsel is in progress.

Barclays Plc said the process for the selection of the new executives who would replace Lucas and Harding would take a considerable time to complete citing the seniority of the roles and the importance of the securing the right candidates.

Lucas was one of the present and past executives of the bank under FSA investigation regarding disclosure concerns in connection with the payments between Barclays PLC (LON:BARC) (NYSE:BCS) and Qatar’s sovereign wealth fund in 2008. He was one of the bank’s remaining top executives after the Libor rate rigging scandal, which led to the resignation of CEO Bob Diamond, chairman Marcus Agius, and chief operating officer Jeryy del Missier.

According to the bank, Lucas’ decision to retire from his role in the company is not connected with the investigation, and there is no implication that he or any of the other executives under investigation were guilty of any wrongdoing.

, “Chris and Mark both expressed to me late last year that they were considering stepping down from their roles at Barclays. The rationale, which each shared with me was consistent and, typically, grounded in wanting to do what is best for the bank. Their decision to retire was theirs alone.” He added the both executives “feel that now is the right time for them, personally and professionally, to pass the baton in their respective roles,” Barclays CEO, Antony Jenkins said in a statement.

Lucas served as group finance director for almost six years.  “While it has undoubtedly been the most eventful period during which anyone could have occupied a role such as mine, I have thoroughly enjoyed the challenge. However, I think now is the appropriate time, as we start the implementation of the Transform Programme, to begin my retirement from my role on the Board and Executive Committee, and to pass the mantle on to a successor. I shall, of course, continue to give my full commitment to Barclays PLC (LON:BARC) (NYSE:BCS) until he or she is appointed,” he said.

On the other hand, Harding said, “We are starting a new period of the bank’s development under Antony’s leadership. I wholeheartedly support the direction of travel and have no doubt that great success lies ahead. While it will be an exciting journey, I believe it also provides an obvious transition point, and one, which I have decided to take.” Harding served as group general counsel for ten years.

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