Barclays beefs up its board with appointment of former regulator

 
Tim Wallace
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BARCLAYS yesterday bulked up its board, hiring former Federal Reserve and Financial Services Authority regulator Stephen Thieke.

He joined immediately as a non-executive director. Barclays has been keen to increase its knowledge and skills in regulation and compliance, a drive which included hiring ex-FSA chief executive Sir Hector Sants as compliance boss last year.

However, Sants had to leave his position after suffering from stress and exhaustion.

Thieke is not a direct replacement for Sants – the new recruit is on the board and will be able to advise it in a way Sants could not, and is not in executive control of the compliance function.

“I am pleased to announce Stephen’s appointment to the Barclays boards,” said chairman Sir David Walker.“His many years of experience in banking regulation, investment banking and risk management will be a great asset to Barclays.”

Last year Barclays’ non-executives received an average of around £80,000 each plus fees for serving on committees.