Sir Mike Rake ‘to quit as deputy chairman at Barclays’

Barclays deputy chairman Sir Mike Rake, who is reportedly planning to step down.
Photo:: Lewis Whyl

Barclays deputy chairman Sir Mike Rake, who is reportedly planning to step down. Photo:: Lewis Whyld/PA Wire - Credit: PA

Barclays deputy chairman Sir Mike Rake is reportedly planning to step down, just a week after its chief executive was fired.

It is understood Sir Mike is leaving to chair the board of payments processing firm Worldpay as boardroom upheaval at Barclays continues in the wake of the recent appointment of chairman John McFarlane.

Chief executive Antony Jenkins was sacked last week amid reports of a boardroom fallout, with Mr McFarlane saying revenues had been lacklustre and shares had remained at the level they were six years ago.

Mr McFarlane has taken over duties from Mr Jenkins as executive chairman on an interim basis.

Barclays declined to comment on reports of Sir Mike’s departure but it is thought he is not planning to quit the group until later this year.

He had already told Mr McFarlane that he was planning to leave Barclays by the end of the year and made clear to the board last month he was in talks with Worldpay, according to reports.

Sir Mike joined the board of Barclays in January 2008 and has been deputy chairman and since July 2012, while he is also senior independent director.

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He reportedly played a key part in the firing of Mr Jenkins and is understood to have led the delegation that approached Mr McFarlane about his removal.

Sir Mike is also chairman of BT Group and previously headed the board of easyJet, while he just stepped down as president of the CBI business lobby group.

As chairman of Worldpay, he would be taking on an important role for the group as it prepares for a stock market listing.