Michael Rake, Rich Ricci Shun Top Barclays Posts

Date : 07/22/2012 @ 10:10PM
Source : Dow Jones News
Stock : Pearson, (PSO)
Quote : 8.31  0.0 (0.00%) @ 3:59PM

Michael Rake, Rich Ricci Shun Top Barclays Posts

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LONDON--Barclays PLC (BCS.LN) Deputy Chairman Michael Rake has shunned the chance to become chairman of the beleaguered bank, and Rich Ricci, Chief Executive of Barclay's investment banking arm, pulled out of the race to become CEO of the parent company, U.K. newspapers reported Sunday.

This means Barclays will continue to have a crisis of leadership after the recent departure of Bob Diamond as CEO, Jerry del Missier as chief operating officer and Marcus Agius as chairman following Barclays' involvement in a major Libor-rigging scandal.

The Sunday Times reported that several top shareholders at Barclays favored Mr. Rake to be chairman, but he last week told John Sutherland, the non-executive director leading the search, that he did not want to be considered.

The article cited unnamed sources as saying Mr Rake's decision "reflected the fierce scrutiny of the choice of Barclays' new leadership".

It said Mr. Sutherland may struggle to find a candidate acceptable to the financial regulator and the government.

It said other potential contenders include Pearson PLC (PSON.LN) Chairman Glen Moreno and Augustine O'Donnell, a former Cabinet secretary, who is also seen as a potential candidate to be the next governor of the Bank of England.

The Sunday Telegraph said Mr Ricci "is believed to have told friends" that he doesn't want to be CEO of Barclays, and doesn't think it would be sensible for him to be appointed.

The report said Mr Ricci wants to focus on running the investment banking business and restore its reputation in the wake of the Libor scandal.

A Barclays spokesman couldn't be immediately reached for comment.

-London Bureau, Dow Jones Newswires; +44 (0)20 7842 9320

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