Victory for Varley

9 October 2003

The changes are much as expected: Matt Barrett becomes chairman and John Varley succeeds him. This looks a safe choice but it may not be.

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After six months of cogitation, Barclays finally announced its longawaited boardroom reshuffle. Current chief executive Matt Barrett replaces Sir Peter Middleton as chairman and finance director John Varley takes the chief executive's slot in December next year.

The moves were much as expected when Barclays started pondering the changes earlier this year.

The key changes were accompanied by a broader management reorganisation. Investment banking head Bob Daimond, seen as Varley's key rival for the chief executive's post, gets an expanded role at Barclay Capital, taking responsibility for all larger corporate banking relationships.

Roger Davis, who heads business banking, takes responsibility for all UK personal and business banking. David Roberts, head of personal financial services, takes charge of all private banking and international banking activities. And Naguib Kheraj becomes finance director in succession to Varley.

Barclays has also expanded its board. Traditionally, there have been only two executive members the chief executive and finance director. Now all the business heads, save for Diamond, will be represented on the board.

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