6th November 2018

Retiring Barclays chairman to be replaced by top Rothschild executive

Barclays has announced that John McFarlane will retire as Chairman of Barclays in May 2019, and that Nigel Higgins has been appointed to succeed him, subject to regulatory approval. Mr McFarlane will step down as a Non-Executive Director and as Chairman of Barclays with effect from the conclusion of the Barclays AGM on 2nd May, 2019, at which point Mr Higgins will assume the role of Chairman, having joined the Board as a Non-Executive Director on 1st March, 2019.

Mr Higgins is currently Deputy Chairman of Rothschild & Co, having been Managing Partner and co-chairman of the Group’s Executive Committee until 1st September this year. He has extensive experience in, and understanding of, banking and financial services, gained through a 36-year career at Rothschild, and which included being the first non-family member to lead the group.

He is a seasoned business leader with a strong track record in leading and chairing a range of organisations, and in acting as a strategic adviser to multiple major corporations and Governments internationally. He has a wealth of experience in the operation of a financial services group, in building teams and culture on an international scale, and in growing businesses.

Commenting, Crawford Gillies, the Senior Independent Director who led the process to appoint a successor to Mr McFarlane, said: “The Barclays Board established demanding criteria for identifying a new Chairman, and that meant an exacting and very careful search process. In Nigel Higgins we have found an ideal candidate. He is a hugely respected banker, a strategic thinker, someone with extensive international experience, and he has a strong positive leadership style. These are all great qualities that he will bring to the role.

“On behalf of the Board I would also like to place on record our sincere thanks to John McFarlane for the enormous contribution he has made to the development of Barclays over the course of the past three and a half years. John has been an excellent Chairman during a period of fundamental restructuring of the business, and he has been instrumental in the huge effort to put the bank on a path to growth. We wish him well for when he retires next May.”