Tushar Morzaria to retire as Barlays Group Finance Director
Barclays announces that Tushar Morzaria has decided to retire as Group Finance Director and as an Executive Director of Barclays PLC and Barclays Bank PLC. The changes are effective from 22 April 2022.
He will be succeeded by Anna Cross, currently Deputy Group Finance Director, who will take up the role of Group Finance Director subject to regulatory approval, and join the Boards of Barclays PLC and Barclays Bank PLC as an Executive Director, in each case with effect from 23 April 2022.
Ms Cross will also join the Group Executive Committee, reporting to Group Chief Executive C.S. Venkatakrishnan (known as Venkat).
Mr Morzaria will provide continued support to Venkat as an adviser to the Group Chief Executive, and will help ensure a smooth transition to Ms Cross, as well as supporting the Group’s business with financial institutions as Chairman of Global Financial Institutions Group in the Investment Bank.
Group Chairman, Nigel Higgins said:
“The Board is delighted to have, in Anna Cross, such a strong internal successor. Anna was identified over a year ago as the Board’s preferred successor, following a review of potential internal and external candidates.
Tushar has been an invaluable member of the senior management team at Barclays since 2013, when he joined as Group Finance Director. He has played an immense role in the rebuilding of the Group’s financial and operational resilience. The Board is grateful for his hard work and is delighted that he will have a continuing role with Barclays.”
The Barclays PLC Board Remuneration Committee has determined that the following arrangements will apply to Tushar on stepping down from his Executive Director role, in respect of the compensation arrangements currently set out in the Remuneration Report contained in the Barclays PLC 2021 Annual Report:
- given he is stepping down as an Executive Director, the previously agreed 2022-2024 Barclays Long Term Incentive Plan (“LTIP”) award will not be granted and the previously agreed Fixed Pay increase that would have been effective 1 March 2022 will not be implemented;
- his bonus in respect of his performance for 2021 will be unchanged in quantum, as set out in the Remuneration Report. As a result of the LTIP award not being granted, a larger portion of the element of the bonus that is deferred as an award under the Share Value Plan will vest over years 3 to 7 and a smaller portion will vest over years 1 to 2; and
- for 2022, Mr Morzaria will be eligible to receive a pro-rata discretionary incentive award for his part-year performance as Group Finance Director, in line with the Directors’ Remuneration Policy.