British lender Barclays has fired its CEO Antony Jenkins and said on Wednesday that its recently appointed chairman John McFarlane would take over the executive role till the firm names a new CEO.
McFarlane will work closely with Tushar Morzaria, group finance director. The group executive committee members will report to McFarlane.
The change in the management will be effective from July 17, 2015.
The board of the firm concluded that new leadership is required to accelerate the pace of execution going forward and that John McFarlane is ideally qualified in this respect until a permanent successor is appointed.
Deputy chairman and senior independent director Michael Rake said, “Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead. This does not take away from our appreciation of Antony’s contribution at a critical time for the company.”
Outgoing CEO Jenkins had become the chief three years ago.
McFarlane said: “…we are leaving value on the table and a new approach is required. As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at and where we are good at it.”
“We therefore need to accelerate revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile. I have experienced good results in dealing with these matters elsewhere,” he added.
McFarlane joined the bank in September 2014. He took over the role of David Walker, who spent three years as chairman. Previously, he worked with Citibank, Standard Chartered, Australia and New Zealand Banking Group Ltd, etc.