Barclay’s finance director, Chris Lucas, confirmed today he is to step down from his role, six months earlier than planned. We answer five questions on his resignation.
Why is Lucas stepping down?
In February the 52-year-old Lucas announced plans to step down as Barclay’s finance director in February 2014. However, he is bowing out six months early due to ill health.
In a statement he said: “”My health was a key factor behind my decision to step down which we announced in February. Whilst I had hoped to be able to continue working until early next year it is now clear to me that with my health as it is this will no longer be possible.”
Lucas has been working at Barclays for the second time in his career, after being employed at the bank as a global relationship partner between 1999 and 2004.
What else did he say?
Lucas went on to say that he wants to do right by the bank and is happy he is leaving it financially robust.
“I want to do the right thing by Barclays, my family, and myself, and therefore I have reached the difficult decision to step down sooner. I feel confident that I leave Barclays financially robust and well placed to continue to serve its customers, clients, shareholders and other stakeholders,” he said.
In what situation is Lucas leaving Barclays?
Currently, the bank is looking to raise £5.8bn from shareholders through a rights issue as part of a plan to plug a £13bn “gap” that it needs to meet new rules set by the Bank of England.
Who will replace Lucas as finance director?
The position has already gone to Tushar Morzaria, chief financial officer of JP Morgan Chase’s corporate and investment banking division. Morzaria, who is currently based in New York, wasn’t due to start his new role until January 2014. Now he will start on October 15.
Until then Peter Estlin, Barclays’ Financial Controller, will be acting finance director.
What else has the bank said?
Commenting on Estlin’s new temporary role, the bank said: “Peter is deeply familiar with all aspects of the Group’s finances, including the capital raising,”
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