Tushar Morzaria to take over as Barclays’ finance boss in October

Tim Wallace
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JP MORGAN’S chief finance officer will take over as Barclays’ finance director in October, four months earlier than planned, as Chris Lucas stepped down yesterday.
Tushar Morzaria had been lined up to take the job in the New Year, but Lucas’ deteriorating health accelerated the plans.
The new date may mean Barclays is without a permanent finance chief when it unveils its full plans for a rights issue next month.
Group financial controller Peter Estlin will fill in as acting finance director until October.
“It is typical of Chris that last year when he told me that he wished to step down he offered to stay as long as he could while we found and inducted a successor,” said chief executive Antony Jenkins. “I am very grateful for his support, advice and wisdom during my first year as CEO.”
Outgoing finance director Chris Lucas took the group finance director job in April 2007, joining the bank’s executive committee.
He had previously enjoyed a stint with the bank in the US as head of the US banking audit practice from 1999 to 2004.
And he also headed up PwC’s UK financial services operation, as well as its global banking and capital market units.
The 52-year old embarked on his career in financial services after he studied accounting and economics at Southampton University.
Lucas is believed to have been diagnosed with Parkinson’s disease four years ago and revealed in February of this year that he intended to stay at the bank for another year as his successor was chosen. But a deterioration in his condition accelerated that plan.
“My health was a key factor behind my decision to step down which we announced in February,” Lucas said yesterday.
“Whilst I had hoped to be able to continue working until early next year it is now clear to me that with my health as it is this will no longer be possible. I want to do the right thing by Barclays, my family, and myself, and therefore I have reached the difficult decision to step down sooner.”