Barclays have announced that Sir Gerry Grimstone has been appointed as their non-executive Director with effect from 1 January 2016 and will succeed Sir Michael Rake as Senior Independent Director and Deputy Chairman with effect from 1 January 2016.
Sir Michael Rake will step down as a Director at Barclays with effect from 31 December 2015.
Sir Gerry Grimstone has been Chairman of Standard Life since May 2007, having previously been appointed Deputy Chairman in March 2006. Sir Gerry is also an Independent Non-Executive Board Member of Deloitte and the Lead Non‑Executive at the Ministry of Defence.
Previously, Sir Gerry spent 13 years with Schroders in London, Hong Kong and New York, and was Vice Chairman of Schroders' worldwide investment banking activities. Since then he has served on the boards of Bridgewell Group Limited, F&C Global Smaller Companies plc and more recently of Wilmington Capital Limited, Candover Investments and TheCityUK. He is also an Advisor to the Abu Dhabi Commercial Bank, which is one of the largest commercial banks in Abu Dhabi.
In addition he has held various positions in the public sector, including at the Department of Health and HM Treasury, and has served on the boards of commercial companies such as Aggregate Industries and Dairy Crest. He is also a member of the governing bodies of the Financial Services Trade and Investment Board and the Shareholder Executive.
Commenting, John McFarlane said, "I am delighted that Sir Gerry Grimstone has accepted the Board's invitation to join Barclays and to become Deputy Chairman and Senior Independent Director. Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.
'I would like to thank Sir Michael Rake on behalf of the Boards of Barclays and Barclays Bank for his dedicated service and commitment over eight years as a director, including being Senior Independent Director since October 2011 and Deputy Chairman since July 2012. His wise counsel and advice have been invaluable in helping Barclays steer its way through a challenging period for the sector. I am particularly grateful to Mike for successfully overseeing the appointment of a new Chief Executive in Jes Staley."
Grimstone commented, "I am immensely looking forward to joining the Barclays Boards and to playing my part in delivering Barclays' strategic priorities. I am particularly looking forward to supporting John McFarlane and Jes Staley as they seek to complete the cultural transformation of Barclays and accelerate the delivery of sustainable shareholder returns."
Rake stated, "The last eight years have been an eventful and difficult period for the banking industry. However, Barclays is emerging in a stronger position and I am very confident that it will succeed and prosper under its new leadership. I wish it well for the future."