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Barclays confirms 3 directors to step down from board


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Barclays confirms 3 directors to step down from board

Barclays PLC said Reuben Jeffery III, Dambisa Moyo and Mike Turner will step down from the board at the annual general meeting May 2.

Turner is stepping down with the lender announcing a "review of the size of the board" ahead of the arrival of new Chairman Nigel Higgins, who is set to replace John McFarlane at the AGM.

Higgins is keen on a smaller board and wants directors with greater expertise in banking, the Financial Times reported.

The board-level changes come as activist investor Edward Bramson seeks a seat on the board.

The bank has been locked in a conflict with Bramson for nearly a year after he urged management to pare back investment banking activities to focus on retail and credit card operations. But Barclays CEO Jes Staley struck a blow for his policy of building the investment banking arm of the business when it reported a 26% rise in pretax profits at full-year results on Feb. 21.

Jeffery and Moyo are stepping aside as they will complete nine years of service and would not be regarded as independent beyond this year under the U.K. Corporate Governance Code.