Treasurer SpotlightCareer MovesBarclays deputy chairman resigns to join Worldpay

Barclays deputy chairman resigns to join Worldpay

After reports of Antony Jenkins leaving Barclays last week, it has also been announced that deputy chairman, Sir Mike Rake, will be leaving to become the new chairman of payments processing firm Worldpay.

After reports of Antony Jenkins leaving Barclays last week, it has also been announced that deputy chairman, Sir Mike Rake, will be leaving to become the new chairman of payments processing firm Worldpay, according to the BBC.

BBC business editor Kamal Ahmed hailed Rake for being a highly respected figure in the business world and commended him on his work since being at the bank for the past seven years. Sir Mike said that he was looking forward to being part of Worldpay’s journey. “The payments industry has never been more exciting and Worldpay is at the forefront of this innovation,” Rake said. He will take over from John Allan in September who recently became the chairman of Tesco, as well as being a chair for housebuilder Barratt Developments.

The Financial Times reports that he was not a big supporter of Jenkins because of the cuts he authorised and preferred the American investment banker Bob Diamond. Alongside this, Rake was the main orchestrator behind the ousting of the former Barclays CEO as he rallied other non-executives to move against him so that Rake could appoint John McFarlane as an interim replacement.

Sir Michael intends to continue in these positions, and be a member of the board, until at least the end of 2015. If and when he stands down from the Barclays board, a new senior independent director will of course have been appointed,” Barclays said according to the FT.

Rake is also chairman of BT, director of McGraw Hill Financial, owner of the Standard & Poor’s rating agency and chairman of Majid Al Futtaim, the retail and leisure group. The European Commission’s CRD4 only allows four non-executive directorships for each bank board member and special approval is required from the financial regulator to be able to hold five, as said in the FT.

Worldpay, provider of secure payments services was sold by Royal Bank of Scotland to private equity groups Advent International and Bain Capital and is looking to be one of the UK’s biggest IPOs this year, with an estimated public valuation of £6 billion.

 

Related Articles

Abiomed to appoint Todd A. Trapp as CFO

Career Moves Abiomed to appoint Todd A. Trapp as CFO

2w The Global Treasurer
PJSC "Magnit" announces CFO appointment

Career Moves PJSC "Magnit" announces CFO appointment

2w The Global Treasurer
Investcorp appoints Jan Erik Back as CFO

Career Moves Investcorp appoints Jan Erik Back as CFO

2w The Global Treasurer
3M names Sarah Grauze treasurer and vice president of finance

Career Moves 3M names Sarah Grauze treasurer and vice president of finance

2w Victoria Beckett
NPSO appoint chief risk officer

Career Moves NPSO appoint chief risk officer

4w GTNews
Aon UK confirms the appointment of Matt Kimber as chief risk officer

Career Moves Aon UK confirms the appointment of Matt Kimber as chief risk officer

4w Victoria Beckett
Bank of Ireland shakes up executive team

Career Moves Bank of Ireland shakes up executive team

1m Victoria Beckett
Hitachi Capital UK appoints chief risk officer in Leeds

Career Moves Hitachi Capital UK appoints chief risk officer in Leeds

1m GTNews