LONDON—Barclays PLC Deputy Chairman Michael Rake is set to leave
the bank by the end of the year, according to people familiar with
the matter, in the latest shake-up of the British lender's top
ranks.
Mr. Rake, who joined the board of Barclays in 2008 and became
deputy chairman in 2012, is set to be announced as chairman of
payments processing company Worldpay as early as Wednesday, one of
the people said. Mr. Rake plans to stay on as Barclays deputy
chairman for a few months to oversee a hand over to his successor,
the person said.
Earlier this month Mr. Rake 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 pervious 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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