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 from 1 November.
Agius will step down as a director and Barclays chairman on 31 October.
Walker is currently a senior adviser to US bank Morgan Stanley International, having previously held the position of chairman.
He has held a number of high profile positions over the past 30 years including assistant secretary at the Treasury; executive director at the Bank of England; chairman and chief executive of the Securities and Investment Board; deputy chairman at Lloyds Bank; vice chairman of Legal & General; and chairman of the London Investment Bankers’ Association.
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 FSA produced into the failure of Royal Bank of Scotland.
Agius said: “Barclays is fortunate to have attracted Sir David Walker to succeed me as chairman. He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets. I wish him every success as he leads Barclays at this important time.”
Sir John Sunderland, who led the process to appoint a Agius’s successor, added: “I am delighted that Sir David Walker has accepted the Board’s invitation to become chairman. Sir David commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.”
Walker said: “I am looking forward to joining the Barclays Boards and to playing my part in taking the company forward 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.
“My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new chief executive and I will be fully engaged in that process.”