17th Oct 2006 07:01
Barclays PLC17 October 2006 17 October 2006 CHRIS LUCAS TO BE APPOINTED GROUP FINANCE DIRECTOR Barclays PLC and Barclays Bank PLC ("Barclays") announce the following changesto their Boards. Chris Lucas (46) is appointed to the position of Group Finance Director witheffect from April 1, 2007 in succession to Naguib Kheraj (42). Chris Lucas joins Barclays from PricewaterhouseCoopers (PwC) where he is UK Headof Financial Services and Global Head of Banking and Capital Markets. He wasGlobal Relationship Partner for Barclays for the 1999 - 2004 year ends andsubsequently held similar roles for other global financial servicesorganisations. Chris Lucas has worked across financial services accounting formost of his career, including three years in New York as Head of the US BankingAudit Practice. Naguib Kheraj will be responsible for the 2006 financial statements and willcontinue to be available after the publication of the Annual Report in March2007 to ensure a smooth handover of responsibilities to Chris Lucas. He intendsto leave the Group in the second half of 2007. Commenting, John Varley, Group Chief Executive, said: "I am delighted to welcome Chris Lucas to Barclays. Chris has worked with us formany years, is a renowned global expert on financial services and knows Barclaysintimately. He will make a great contribution to the business. I am very sorry that Naguib is leaving us. He has made an outstandingcontribution to Barclays and has been a great partner to me in my role as GroupChief Executive. I would have been delighted for Naguib to stay with Barclaysfor all his career but I respect his decision to broaden his career experience.We have a well defined and clear transition plan." Commenting, Naguib Kheraj, Group Finance Director, said: "It has been an immensely rewarding experience both personally andprofessionally to have worked for Barclays over the last nine years in a varietyof roles, culminating in the position of Group Finance Director for the pastthree years. We have made tremendous progress and delivered very good results toshareholders. I have never considered myself a lifetime Finance Director and Ibelieve now is the right time to move on to the next stage of my career." Commenting, Chris Lucas, said: "I am delighted to be joining Barclays at this time of rapid growth. Thebusiness is one of the best performing in the industry with an extremely strongmanagement team." ENDS Biographical details are attached. Contractual arrangements are attached. Photographs available at www.barclays.com For further information please contact:- Media Relations Investor RelationsStephen Whitehead Mark Merson+44 (0) 20 7116 6060 +44 (0) 20 7116 5752 BIOGRAPHICAL NOTES: CHRIS LUCAS EducationDauntsey's School, Devizes Southampton UniversityBSc Accounting and Economics Professional Experience: 1983 - 2006 PricewaterhouseCoopers Worked across the firm in various roles 1996 Partner, Head of US Banking Audit Practice, New York 1999 Global Relationship Partner - Barclays 2000 Business Unit Leader, Banking & Capital Markets, London 2004 UK Head of Financial Services 2005 Global Head of Banking and Capital Markets CONTRACTUAL ARRANGEMENTS AND INTERESTS IN SHARES - CHRIS LUCAS The appointment of Mr Lucas as an Executive Director of Barclays PLC andBarclays Bank PLC ("Bank") will become effective on April 1, 2007. Service ContractKey terms of the service contract for Mr Lucas, who becomes an ExecutiveDirector on April 1, 2007, are set out below. Job TitleGroup Finance Director SalaryBasic salary: £600,000 per annum Performance Related BonusThe Board HR and Remuneration Committee will, in line with our usual practice,determine the size of any award, which will be discretionary, dependent on bothbusiness and individual performance. For 2007, a guaranteed award of £600,000 has been agreed, comprising a cashbonus of £450,000 and a recommended deferred share based award of £150,000. Thiswill be made in March 2008. Share AwardsThe Board HR and Remuneration Committee will, in line with our usual practice,determine the size of awards of performance shares to be made each year underthe shareholder approved Performance Share Plan. The 2007 award will berecommended to be made as soon as practicable after Mr Lucas' start date for aninitial allocation of £600,000 under the plan. In addition, there will be a recommended share award of £500,000 on joining tovest 50% after 1 year and the remainder after 2 years. This award is inrecognition of forfeited remuneration. BenefitsMr Lucas will be eligible to participate in the following benefits: life cover;use of company car or cash equivalent; medical insurance; ill-health income planand all-employee share plans - Sharesave and Sharepurchase. PensionMr Lucas will receive a pension provision of up to 25% of his annual basesalary, either through the Bank's pension scheme or as a cash allowance. Notice PeriodThe service contract provides for a notice period of 12 months from Barclays or6 months from Mr Lucas. Severance ArrangementsOn termination, the service contract for Mr Lucas provides for a pro-ratedphased payment of his notice entitlement and he has an explicit duty to mitigatehis loss. Contract AvailabilityThe service contracts for all Executive Directors of Barclays PLC and the Bankare held by the Barclays Corporate Secretariat and are available for inspectionduring normal business hours at the Group's Head Office: 1 Churchill Place,London, E14 5HP. Mr Lucas' contract will be available for inspection from April1, 2007. Beneficial Interests in Barclays PLC Ordinary SharesMr Lucas has no beneficial interests in the ordinary shares of Barclays PLC. Potential Interest in Shares held in Group Employee Benefit TrustsIn addition, Mr Lucas will, together with the other Executive Directors andSenior Executives of Barclays PLC, have an interest as potential beneficiariesin 167,670,318 Shares held by the independent trustees of the Barclays GroupEmployee Benefit Trusts. These are discretionary trusts established for thebenefit of Barclays Group employees and former employees (and in each case theirfamilies) all of whom are amongst the potential beneficiaries under these trustsand are, therefore, regarded for Companies Act purposes as being interested inthe Shares held in them. No consideration is payable by a potential beneficiaryfor the acquisition of such an interest under the trusts. There are no other details that are required to be disclosed in respect of MrLucas' appointment under Paragraph 9.6.13 of the Listing Rules of the UK ListingAuthority. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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