LONDON, April 22 Barclays named two new
non-executive directors on Monday as new bosses attempt to put a
series of scandals behind the British bank.
The board was criticised last year for being too indulgent
with management and failing to spot the risks from a
free-wheeling, risk-taking culture under former Chief Executive
Alison Carnwath quit as head of its remuneration committee
in July and said later that she had clashed with the board over
Chairman David Walker and Chief Executive Antony Jenkins
were picked the following month after Barclays was fined $450
million for manipulating Libor interest rates, with a brief to
streamline operations and overhaul the culture of the three
Barclays said Frits van Paasschen, who is president and CEO
of U.S. group Starwood Hotels and Resorts Worldwide,
would join the board in August and Michael Ashley, head of
quality and risk management for KPMG in Europe, a month later.
Ashley will be the fourth new non-executive, alongside Tim
Breedon who arrived in November and Diane de Saint Victor in
Andrew Likierman, who joined the board in 2004, is stepping
down. The other remaining nine non-executive directors are
standing for re-election at the annual shareholder meeting on
Thursday, and critics say the changes at the top of Barclays
have not gone far enough.
John Sunderland, who has been on the board for eight years
and replaced Carnwath as head of remuneration, was harshly
criticised by politicians in January for defending a past
pay-out to Diamond.
Fulvio Conti joined the board in 2006 and Michael Rake, the
deputy chairman who has been on the board for five years, said
in October he had no plans to resign, after the Financial Times
reported that he was likely to depart soon.
There have been big changes below board level, however.
CEO Jenkins said on Friday that Diamond's last top
lieutenants - investment bank boss Rich Ricci and wealth
management head Tom Kalaris - would be leaving..
Finance director Chris Lucas said in February he would
retire as soon as a replacement is found.
Barclays said Van Paasschen has previously been CEO of Coors
Brewing Co. and had senior roles at Nike and Disney Consumer
It said Ashley is an experienced auditor and financial
expert, with over 20 years as an audit partner, including lead
audit partner for several large financial firms.