Barclays appoints new board members in reshuffle

(Source: Reuters)

Barclays bank has announced that it has appointed Frits van Paasschen and Michael Ashley to its board as non-executive directors with effect from 1 August and 1 September respectively (release). This follows news last week that Rich Ricci would be leaving the bank. Our deputy editor David Hellier:

Not only are some members of his investment banking team said to have dissed Jenkins’ efforts to “clean up the bank” but Ricci himself has been carrying on in a way that can not have gone down well at HQ.

No doubt Jenkins’ spin doctors will have been telling him there is little point trying to change the culture of an organisation when one of your fellow directors behaves as if nothing’s different, even if he does so in a jocular way. The tabloid images of Ricci at the Cheltenham racing festival, where one of his runners was cheekily named Fatcatinthehat, almost certainly wasn’t what the doctors ordered.

(Full article)

From their statement:

Frits van Paasschen is President and CEO of Starwood Hotels and Resorts Worldwide, Inc., one of the world's largest hotel companies. Since taking on this role, he has led a significant expansion of the business into new markets and launched two new hotel brands.


Michael Ashley is Head of Quality and Risk Management for KPMG Europe LLP ('ELLP'), which forms part of the KPMG global network, where his responsibilities include the management of professional risks and also quality control. Michael is a member of the ELLP Board and is also KPMG UK's designated Ethics and Independence Partner.

Group chairman Sir David Walker commented on the announcement:

I am pleased to announce Frits and Michael's appointments to the Barclays' Board. Both have significant experience dealing with the challenges of leading complex global businesses, which will support the Board in its oversight of the delivery of Transform. In addition, Frits brings a valuable marketing and retail background as well as experience driving a turn-around strategy. Michael brings strong financial skills and an extensive knowledge of banking. Michael's background in ethics will also be valuable as Barclays continues to embed its recently launched Purpose and Values.