London: Barclays, a global financial service provider, has named former Bank of England executive director David Walker as its new chairman in an effort to revive the bank's reputation that was rocked by a Libor rate-rigging scandal.
The British bank said in a statement on Thursday, "Sir David Walker has been appointed as a non-executive director of Barclays with effect from 1 September 2012 and will succeed Marcus Agius as chairman of Barclays with effect from 1 November 2012."
Agius, who resigned over the scandal along with Chief Executive Bob Diamond, said the bank had been encouraged "by the quality of candidates" that it had seen so far for the CEO post.
Barclays was fined USD 453 million in June for manipulating Libor interbank lending rates in a scandal that unearthed deep problems in its relations with regulators, who have accused the bank of frequently being too aggressive.
That sparked the resignations of Agius and Diamond, who left under pressure from the Financial Services Authority (FSA) and the Bank of England after a public and political outcry over the scandal. Chief Operating Officer Jerry del Missier also quit.
Walker said he was looking forward to playing his part in moving the company on after recent events. "The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry," he said in a statement.
He will step down from his role as a senior adviser to US investment bank Morgan Stanley, having previously been chairman of its international operations based in London.
He is a former deputy chairman of Lloyds and vice chairman of insurer Legal & General and since 2007 he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions.
He also co-led the independent review of the report that the Financial Services Authority produced into the failure of Royal Bank of Scotland.
With Agency Inputs
First Published: Friday, August 10, 2012, 09:22