Sir Mike Rake to quit as Barclays deputy chairman by the end of the year as he signs up to chair Worldpay

Emma Haslett
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Barclays said it hadn't received a resignation letter from Rake (Source: Getty)

Barclays deputy chairman Sir Mike Rake will leave Barclays by the end of the year as he takes up a new role chairing payments processing company Worldpay.

Rake told City A.M. this morning that, subject to regulatory approval, he will take up a position on its board on 1 September.

Shares in the bank dipped 0.8 per cent to 273.8p in early trading, although they later recovered those losses, rising 0.35 per cent to 276.95p in lunchtime trading.

In a statement this afternoon, Rake added that he had been "very impressed by the Worldpay story so far" and was "looking forward to being part of the journey ahead".

"The payments industry has never been more exciting and Worldpay is at the forefront of this innovation.”
Barclays confirmed that Rake will continue in his position "until at least the end of 2015".
"If and when he stands down from the board, a new senior independent director will of course have been appointed."

Rake, a highly respected business leader who is also chairman of BT and the president of the Confederation of British Industry (CBI), has been on the board of Barclays since 2008.

The news comes exactly a week after Barclays sacked chief executive Antony Jenkins. Rake was leading the search for a replacement - although yesterday he told City A.M. the bank was "months" away from making a hire.

At the time of Jenkins' ousting, new chairman John McFarlane said 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."

15 July 2015 @ 9:45amBarclays (BARC)

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