Jes Staley to step down as Barclays CEO
Barclays PLC today announced that Jes Staley will step down as Group Chief Executive and as a director of Barclays.
Barclays and Mr Staley were made aware on Friday evening of the preliminary conclusions from the FCA and the PRA of their investigation into Mr Staley’s characterisation to Barclays of his relationship with the late Mr Jeffrey Epstein and the subsequent description of that relationship in Barclays’ response to the FCA. In view of those conclusions, and Mr Staley’s intention to contest them, the Board and Mr Staley have agreed that he will step down from his role as Group Chief Executive and as a director of Barclays.
Barclays stresses that the investigation makes no findings that Mr Staley saw, or was aware of, any of Mr Epstein’s alleged crimes, which was the central question underpinning Barclays’ support for Mr Staley following the arrest of Mr Epstein in the summer of 2019.
With effect from 1 November 2021, Mr C.S. Venkatakrishnan (known as Venkat) will take over as Group Chief Executive, subject to regulatory approval, and as a director of Barclays. The Board has had succession planning in hand for some time, including reviewing potential external appointees, and identified Venkat as its preferred candidate for this role over a year ago, as a result of which he moved from the position of Group Chief Risk Officer to Head of Global Markets.
The Barclays Board Remuneration Committee has determined that the following terms will relate to Mr Staley’s departure as Group Chief Executive, which are consistent with the Directors’ Remuneration Policy approved by shareholders on 7 May 2020 and Mr Staley’s contract of employment.
Mr Staley is entitled to 12 months’ notice from Barclays under his contract of employment and will therefore continue to receive his current fixed pay (£2.4m per annum delivered in cash and Barclays shares), pension allowance (£120,000 per annum) and other benefits until 31 October 2022.
In accordance with the DRP, Mr Staley will be eligible to receive repatriation costs to the US.
No decisions have yet been made in respect of any further remuneration payments to be made to Mr Staley.