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Barclays says UK bank chair to step down next month ahead of focus shift

Ian Cheshire said he is unable to accommodate the increased time commitment and duration required to deliver the new goals

Barclays PLC - Barclays says UK bank chair to step down next month ahead of focus shift

Barclays PLC (LON:BARC) said Ian Cheshire will be stepping down as a director and the chair of Barclays Bank UK next month ahead of a shift in focus.

The FTSE 100 firm said that over the next few years the focus will be on supporting customers during the economic crisis caused by COVID-19 and a continuing low interest rate environment. 

READ: Barclays hit with fine over poor treatment of customers in difficulty

However, Cheshire told the board “he is unable to accommodate the increased time commitment and duration required to see through this programme”.

The company recognised that Cheshire helped establish Barclays UK as a ring-fenced bank and successfully set up its board and governance structure.

He will be replaced by senior independent director Crawford Gillies on January 1, while Cheshire will remain on the board until the annual general meeting in May to ensure a smooth transition.

Gillies will remain on the Barclays board alongside his Barclays UK role.

Shares dipped 1% to 144.6p on Friday morning.

Quick facts: Barclays PLC

Price: 162.22 GBX

LSE:BARC
Market: LSE
Market Cap: £28.16 billion
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