Changes to Senior Management
Barclays PLC
05 February 2003
February 5, 2003
BARCLAYS PLC ANNOUNCES CHANGES TO SENIOR MANAGEMENT
Barclays Plc today announces several upcoming changes to its executive
management team, anticipating planned retirements while recognising and
promoting outstanding talent:
John Stewart, Deputy Group Chief Executive and a Group Board Director, will
retire at the Annual General Meeting on April 24, 2003. Mr Stewart joined
Barclays following the acquisition of The Woolwich in October 2000. He is
responsible for the combined operation of Personal Financial Services (PFS), The
Woolwich and the wealth management division, Barclays Private Clients (BPC).
During the last two and a half years, he has made significant contributions to
the Barclays Group, overseeing the integration of Woolwich plc into PFS with a
consequent exceeding of forecasted synergies, the ground-breaking alliance with
Legal & General, and the launch of new strategies for PFS and BPC.
David Roberts, Chief Executive of Personal Financial Services, who reports to
John Stewart, will report directly to the Group Chief Executive, Matthew W.
Barrett.
Robert Hunter, Chief Executive of Barclays Private Clients (BPC), will retire
after his 60th birthday, which is on July 30. He will step down from his
current post on March 31 but has agreed to stay on until the end of the year
reporting to Matthew W. Barrett and assisting on several corporate projects. Mr
Hunter joined Barclays in May 1999 from Standard & Poor's, a leading global
provider of investment information and advisory services, where he was President
of the Financial Information Services group. He joined Standard & Poor's in
1996 from The Chase Manhattan Bank, where he spent 28 years, rising to the level
of senior executive vice president. During the last four years at Barclays, Mr
Hunter has led the development and execution of the BPC strategy as well as a
massive change programme to integrate six previously disparate businesses into a
single division.
Naguib Kheraj, currently a member of the Executive Committee of Barclays Capital
and Deputy Chairman of Barclays Global Investors, will become Chief Executive of
Barclays Private Clients (BPC), on March 31. He will join the Group Executive
Committee and report to Group Chief Executive, Matthew W. Barrett. During the
next two months, he will work alongside Bob Hunter to ensure a smooth
transition. Prior to assuming his current role in 2001, Mr Kheraj was Global
Head of Investment Banking responsible for Barclays Capital's worldwide coverage
of corporates and financial institutions as well as its Private Equity business.
Prior to that he was Chief Operating Officer of Barclays Capital. He joined
Barclays Capital in September 1997 as Chief Administrative Officer. He also
spent 10 years at Salomon Brothers, where he was a Managing Director and Chief
Financial Officer for Europe.
Roger Davis, Chief Executive of Business Banking, joins the Group Executive
Committee, with immediate effect. He will report directly to Matthew W.
Barrett. Since assuming his current position in September 2001, Mr Davis has
led Business Banking through the Competition Commission Investigation into SME
Banking, while maintaining strong momentum in the business across all market
segments. Prior to taking up his position at Business Banking Mr Davis was
Chairman and Chief Executive of Barclays Capital, Asia Pacific and a member of
the Barclays Capital Executive Committee. Before joining Barclays Mr Davis
spent 12 years in the British Army and began his City career at Robert Fleming &
Co where he was a member of the board of Jardine Fleming Holdings and Managing
Director of Jardine Fleming India.
Chris Lendrum, a Group Board Director and Chief Executive responsible for Africa
and Latin American Banking, will take on new responsibilities representing the
Group, replacing John Stewart in that capacity. He will also become chairman of
a new committee of executive members charged with overseeing and coordinating
Barclays strategy and policies in the area of Corporate and Social
Responsibility. In that capacity, he will ensure that all functions and
businesses are complying with Board standards and policies, while guiding the
development and presentation of the Group's Corporate and Social Responsibility
strategy. He relinquishes responsibility for Business Banking on Roger Davis'
appointment to Group Executive Committee.
STATEMENT FROM GROUP CHIEF EXECUTIVE
Commenting on the changes, Matthew W. Barrett, Barclays Group Chief Executive,
said: 'I want to thank John Stewart and Bob Hunter for their many important
contributions to Barclays. John has brought energy and a fresh perspective to
Barclays and has played a significant role in advancing our retail and wealth
businesses, in particular ensuring the successful integration of the Woolwich
into Barclays. His integration of the Woolwich has been flawless, and the
benefits have far exceeded expectations.'
'Bob Hunter has led a vast transformation programme in Barclays Private Clients,
designed to deliver a single, integrated proposition across banking and
investments for clients in our wealth management businesses, while sharply
improving efficiency. As well, his broad grasp of all elements of retail
banking contributed during his time on the Group's Executive Committee has been
invaluable as we have charted our new strategy.'
Mr Barrett continued: 'In shaping the top management team following these
retirements, I am delighted that Barclays has such impressive talent to call on
to ensure the next generation of leadership. Roger Davis and Naguib Kheraj have
demonstrated leadership, management ability, entrepreneurship and energy in
their careers to date. Their fresh insight and experience, as well as their
determination to create something special for customers and shareholders, will
add great value to Group Executive Committee.'
'I am also pleased that Chris Lendrum has agreed to take on new responsibilities
for representing the Group and coordinating our strategy in the critical area of
Corporate Social Responsibility. Barclays is committed to maintaining high
ethical standards in everything we do both internally and externally. Chris
will ensure we live up to that commitment.'
- ENDS -
For further information contact: Chris Tucker
PR Director
Barclays PLC
Tel: 020 7699 3161
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