SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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BARCLAYS
PLC
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(Registrant)
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Date:
November 01, 2021
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By: /s/
Garth Wright
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Garth
Wright
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Assistant
Secretary
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This announcement contains inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of Retained EU Law as defined in the European Union
(Withdrawal) Act 2018).
1 November 2021
Barclays PLC
Barclays Bank PLC (together "Barclays")
Board changes
Barclays and Mr Jes Staley, Group Chief Executive, were made aware
on Friday evening of the preliminary conclusions from the FCA and
the PRA of their investigation into Mr Staley's characterisation to
Barclays of his relationship with the late Mr Jeffrey Epstein and
the subsequent description of that relationship in Barclays'
response to the FCA. In view of those conclusions, and Mr Staley's
intention to contest them, the Board and Mr Staley have agreed that
he will step down from his role as Group Chief Executive and as a
director of Barclays. It should be noted that the investigation
makes no findings that Mr Staley saw, or was aware of, any of Mr
Epstein's alleged crimes, which was the central question
underpinning Barclays' support for Mr Staley following the arrest
of Mr Epstein in the summer of 2019.
The Board is disappointed at this outcome. Mr Staley has run the
Barclays Group successfully since December 2015 with real
commitment and skill. Supported by the senior team which he largely
helped build and on whom the Barclays Group will be relying for the
future, Mr Staley clarified the Barclays Group's strategy,
transformed its operations and materially improved its results. The
regulatory process still has to run its full course and it is not
appropriate for Barclays to comment further on the preliminary
conclusions.
With effect from 1 November 2021, Mr C.S. Venkatakrishnan (known as
Venkat) will take over as Group Chief Executive, subject to
regulatory approval, and as a director of Barclays. The Board has
had succession planning in hand for some time, including reviewing
potential external appointees, and identified Venkat as its
preferred candidate for this role over a year ago, as a result of
which he moved from the position of Group Chief Risk Officer to
Head of Global Markets. The Board has long been confident in
Venkat's capabilities to run the Barclays Group and is delighted to
have such a strong internal candidate. The Board is confident that
Barclays under his leadership will continue its strategic direction
and improve performance in line with the progress of recent
years.
C.S. Venkatakrishnan's experience
Prior to his appointment as Group Chief Executive, Venkat served as
Head of Global Markets and Co-President of Barclays Bank PLC from
October 2020 and Group Chief Risk Officer from 2016 to 2020. Prior
to joining Barclays in 2016, he worked at JP Morgan Chase from
1994, holding senior roles in Asset Management where he was Chief
Investment Officer in Global Fixed Income, as well as in Investment
Banking, and in Risk.
Venkat holds S.B., S.M. and Ph.D. degrees from the Massachusetts
Institute of Technology.
Key compensation arrangements for Jes Staley
The Barclays Board Remuneration Committee (the "Committee") has
determined that the following terms will relate to Mr Staley's
departure as Group Chief Executive, which are consistent with the
Directors' Remuneration Policy approved by shareholders on 7 May
2020 (the "DRP") and Mr Staley's contract of
employment.
Mr Staley is entitled to 12 months' notice from Barclays under his
contract of employment and will therefore continue to receive his
current fixed pay (£2.4m per annum delivered in cash and
Barclays shares), pension allowance (£120,000 per annum) and
other benefits until 31 October 2022.
In accordance with the DRP, Mr Staley will be eligible to receive
repatriation costs to the US.
No decisions have yet been made in respect of any further
remuneration payments to be made to Mr Staley. In accordance with
section 430(2B) of the Companies Act 2006, particulars of any such
decisions will be made at such time as, and to the extent that, any
such decisions are made.
Key compensation arrangements for C.S. Venkatakrishnan
Venkat's compensation arrangements will reflect his role and
responsibilities and are made in accordance with the
DRP.
On appointment, Venkat will receive fixed pay of £2.7m,
delivered 50% in cash (paid monthly) and 50% delivered in Barclays
shares. The shares will be delivered quarterly and will be subject
to a holding period with restrictions lifting over 5 years. Venkat
will also receive a cash payment in lieu of pension of
£135,000 per annum.
Venkat will receive standard benefits including medical cover and
life assurance.
On an annual basis, Venkat will be eligible to be considered for a
discretionary incentive award up to a maximum value of 93% of fixed
pay (or such other maximum value as may be set out in any Barclays
Directors' Remuneration Policy approved by shareholders and as
applicable from time to time). For 2021, Venkat will be eligible to
receive a discretionary incentive award for his pro rata
performance as Head of Global Markets and Co-President of Barclays
Bank PLC prior to appointment and a discretionary incentive award
for his pro rata performance as Group Chief Executive following
appointment (the latter being subject to the maximum value set out
above).
Venkat will be eligible to be considered for the grant of an award
under the Barclays Long Term Incentive Plan with a total maximum
market value in any one year of 140% of fixed pay at the date of
grant (or such other maximum value as may be set out in any
Barclays Directors' Remuneration Policy approved by shareholders
and as applicable from time to time).
In setting the remuneration for Venkat, the Committee, comprised of
independent Non-Executive Directors, noted both that this places
him appropriately against our peer group of UK and European banks
(as set out in the DRP) and that this would result in a reduction
in Venkat's current fixed pay.
There are no other disclosures required under Listing Rule 9.6.13R
in relation to Venkat's appointment.
- ENDS -
For further information, please contact:
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Investor
Relations
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Media
Relations
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Chris
Manners
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Tom Hoskin / Jon Tracey
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+44 (0) 20 7116 4755
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About Barclays
Barclays is a British universal bank. We are diversified by
business, by different types of customer and client, and geography.
Our businesses include consumer banking and payments operations
around the world, as well as a top-tier, full service, global
corporate and investment bank, all of which are supported by our
service company which provides technology, operations and
functional services across the Group. For further information about
Barclays, please visit our website home.barclays.