Barclays Plc, one of the major financial services providers has severed ties with its chief executive, Antony Jenkins.
The group owns Barclays Africa, which is headed by Maria Ramos.
According to reports, Jenkins fell out with the board over the size of the investment bank and the pace of cost cutting.
The bank’s Deputy Chairman and Senior Independent Director, Sir Michael Rake said a new leadership was required to accelerate the pace of execution going forward.
“The Board recognises the contribution made by Antony Jenkins as Chief Executive over the past three years in incredibly difficult circumstances for the Group, and is extremely grateful to him in bringing the company to a much stronger position,” said Rake.
“The situation he inherited would have challenged anyone facing the same issues. This continued a period of achievement as head of Barclaycard and our Retail and Business Banking businesses.”
The board has appointed John McFarlane as Executive Chairman pending the appointment of a new chief executive. He endorsed the board’s decision to sever ties with Jenkins.
“Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the Board in deciding that a change in leadership is required at this time,” added McFarlane.
“Arriving at Barclays with a fresh perspective, it is evident that we have a standout brand with first-class retail, commercial and investment banking businesses. Nevertheless, we are leaving value on the table and a new approach is required. As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.”
McFarlane emphasised the need to accelerate revenue, costs and capital performance.
“We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile. I have experienced good results in dealing with these matters elsewhere,” he added.
Jenkins said he was very proud of the significant progress the bank has made since 2012 when he took over as the chief executive.
“Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business. While the external environment has continued to be, and will remain, challenging the Group now has the resilience to overcome these challenges,” he said.
“Most of all, I am proud that we have defined our culture through a common set of values for the Group and that the progress we have made and the tough decisions we have needed to take have all been achieved by applying these values and by focusing on the needs of all our stakeholders.”