By Max Colchester
LONDON-- Barclays PLC Deputy Chairman Michael Rake is set to
leave the bank by the end of the year, after being named chairman
of payments company Worldpay.
In a statement, Worldpay said Mr. Rake will become nonexecutive
chairman in September, subject to regulatory approval. A Barclays
spokesman said that Mr. Rake will remain on the bank's board until
at least the end of 2015.
Mr. Rake's decision to step away from Barclays after a seven
year tenure on its board marks another high level departure for the
British bank.
Earlier this month, Mr. Rake and other nonexecutive directors
orchestrated the ousting of Antony Jenkins as Barclays' chief
executive following a string of disappointing results. New Chairman
John McFarlane is currently running the bank as it hunts for a new
chief executive, a process that could take several months. The Scot
is no stranger to turning the screws on underperforming companies.
In his last job as chairman of British insurer Aviva, six board
members left.
Mr. Rake, who is also chairman of telecom giant BT Group PLC,
was once considered a contender to become the chairman of Barclays.
However, after the departure of previous Chairman David Walker, the
67-year-old ruled himself out of contention.
At Worldpay Mr. Rake is expected to help lead a potential
initial public offering of the company later this year.
Write to Max Colchester at max.colchester@wsj.com
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