Barclays Activist Eases Pressure on CEO Amid Coronavirus Pandemic
April 16 2020 - 6:38AM
Dow Jones News
By Simon Clark
Barclays PLC shareholder Sherborne Investors said Thursday that
it is reluctantly easing its pressure on the British bank's Chief
Executive Jes Staley.
Sherborne said it will no longer vote against the re-election of
Mr. Staley because of the challenges the U.K. bank faces due to the
coronavirus pandemic.
Mr. Staley is up for re-election at the bank's annual meeting in
May.
Sherborne, which says it holds the largest stake in Barclays,
said in a letter to other shareholders that "with great reluctance"
it will now only withhold its vote on Mr. Staley's re-election.
Barclays should announce a timetable for Mr. Staley's
replacement, Sherborne said.
Sherborne previously called on Barclays to withdraw its support
for its American CEO because of his professional relationship with
the late financier and convicted sex offender Jeffrey Epstein.
"We continue to believe that Mr. Staley has not demonstrated the
level of judgment befitting a director or senior executive of the
company," Sherborne said in the letter.
Write to Simon Clark at Simon.Clark@wsj.com
(END) Dow Jones Newswires
April 16, 2020 06:23 ET (10:23 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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