Barclays plays it safe with new Chairman appointment

Barclays, the bank which saw a raft of senior executives resign last month following the LIBOR-fixing scandal is to appoint City veteran Sir David Walker as its new Chairman.

Walker will join the board on September 1st before replacing the outgoing Chairman, Marcus Agius, in November.

Walker has served as Chairman of Morgan Stanley International and Deputy Chairman of Lloyds Bank, but also has experience in government as Assistant Secretary to the Treasury and Executive Director of the Bank of England.

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His time as a regulator will be crucial for Barclays to rebuild trust after the agonies of the LIBOR debacle which saw the departure of the ultra-high profile Chief Executive, Bob Diamond.

Commenting on his appointment, Walker said his "immediate priority" was to appoint a new Chief Executive.

His pay is expected to be £750,000 per year, for a minimum four day week. Of the total, £100,000 will be paid in shares.

BS