Mr Morzaria is expected to begin work at Barclays in the autumn of 2013, at which point he will join the Executive Committee, reporting to Group Chief Executive Antony Jenkins. He will join the Board as an Executive Director with effect from 1 January 2014. This will allow for an orderly handover of responsibilities from Chris Lucas, who will remain accountable for financial reporting for 2013.
Mr Lucas will remain on the Board as Group Finance Director and a member of the Executive Committee until his retirement as Group Finance Director on 28 February 2014, at which point Mr Morzaria will take up his responsibilities in full.
Mr Morzaria is currently Chief Financial Officer, Corporate and Investment Banking at JP Morgan Chase, where he has spent the majority of his career. A qualified chartered accountant, he has previously also held roles in the finance functions of Credit Suisse and SG Warburg.
Commenting on the appointment Antony Jenkins, Group Chief Executive, Barclays said: “I am delighted to welcome Tushar to Barclays. He is an accomplished professional with first class strategic financial management experience built up over 20 years, including the last four as a key leader in JP Morgan Chase’s Corporate and Investment Bank. He will bring a welcome new perspective to what is a pivotal role, and I am very much looking forward to working with him as we transform Barclays into the ‘Go-To’ bank.
“I want to note our huge gratitude to Chris Lucas for his dedicated service to Barclays, and thank him particularly for his role in ensuring that our business has remained financially strong during the financial crisis and since. It is a typical mark of his commitment and professionalism that he has agreed to stay on as Group Finance Director until the end of February to complete this reporting cycle and support Tushar as he learns about the business.”
Tushar Morzaria said: “I am looking forward to returning to the UK to lead Barclays’ finance function. The work which Antony, together with the Executive Committee and the Board, have done over the last nine months has really begun the process of restoring trust in Barclays. I am excited at the opportunity to be part of the leadership team which will deliver on the promised change in performance and culture.”
There are no other details that are required to be disclosed in respect of Mr Morzaria’s appointment under Paragraph 9.6.13 of the Listing Rules of the UK Listing Authority.