Barclays finance director to leave next year |
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Tue, 17 Oct 2006 12:10
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LONDON - The UK's third biggest bank Barclays PLC has announced that finance director Naguib Kheraj will be moving on next year and that he will be replaced by Chris Lucas of PricewaterhouseCoopers. The 42-year-old Kheraj has been the finance director of Barclays for the last three years.
Overall he has spent nine years at the bank. Commenting on the plans to leave the bank, Kheraj said it had been "an immensely rewarding experience." However he said he was of the opinion that it was time to move on. "I have never considered myself a lifetime finance director and I believe now is the right time to move on to the next stage of my career," he explained.
Chief executive John Varley said that the financial statements for the current year will be delivered by Kheraj, who will leave in the second half of 2007. "I would have been delighted for Naguib to stay with Barclays for all his career but I respect his decision to broaden his career experience. We have a well-defined and clear transition plan," Varley said.
Mr Lucas, who is presently the global head of banking and capital markets at PricewaterhouseCoopers, will takeover on April 1 next year. Barclays have appointed him at a basic salary of £600,000 pounds plus guaranteed cash bonus of £450,000 and £150,000 in shares.
"In addition, there will be a recommended share award of 500,000 pounds on joining to vest 50 percent after 1 year and the remainder after 2 years. This award is in recognition of forfeited remuneration," Barclays said in a statement. Shares in Barclays closed at 722-1/2 pence yesterday.
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