Barclays has appointed Sir Gerry Grimstone as its deputy chairman, as the lender continues to grow its focus on investment banking.
The banking giant said Sir Gerry will take up his post on January 1, succeeding Sir Michael Rake, who will step down in December after eight years in the role. Sir Gerry will also become the board's senior independent director.
The move is the latest change at the top of the banking giant, which last month confirmed former JP Morgan banker Jes Staley as its new chief executive, replacing Antony Jenkins, in a move which analysts say signals a bid to return the lender to its previous investment banking glory days.
Sir Gerry has been chairman of insurer Standard Life since 2007, and will continue in this role.
Previously, Sir Gerry spent 13 years with financial group Schroders in London, Hong Kong and New York, and was vice chairman of Schroders' worldwide investment banking activities.
He has also worked for a range financial firms around the world, and is currently an adviser to the Abu Dhabi Commercial Bank, which is one of the largest commercial banks in Abu Dhabi.
He has also worked in various posts for the Department of Health and the Treasury.
Barclays chairman John McFarlane said: "I am delighted that Sir Gerry Grimstone has accepted the board's invitation to join Barclays and to become deputy chairman and senior independent director.
"Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role."
The Barclays board sacked previous chief executive Mr Jenkins, who came from a retail banking background, in July for lacklustre revenue growth and a flat share performance.
Mr Jenkins was appointed in 2012 in the aftermath of the Libor rate-fixing scandal, and toned down the investment banking side of the business.
Sir Gerry said: "I am immensely looking forward to joining the Barclays boards and to playing my part in delivering Barclays' strategic priorities.
"I am particularly looking forward to supporting John McFarlane and Jes Staley as they seek to complete the cultural transformation of Barclays and accelerate the delivery of sustainable shareholder returns."
Outgoing deputy chairman Sir Michael said: "The last eight years have been an eventful and difficult period for the banking industry. However, Barclays is emerging in a stronger position and I am very confident that it will succeed and prosper under its new leadership."
Mr McFarlane said at the time of Mr Staley's appointment last month: "In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the group forward strategically.
"In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities."
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