Standard Life chair to take up dual role at Braclays

Standard Life chairman Sir Gerry Grimstone has been appointed as a non-executive director and deputy chairman by Barclays.

Taking up the positions from January, Sir Gerry will replace Sir Michael Rake who will step down from 31 December.

Grimstone will continue as chair of Edinburgh-based insurance giant Standard Life, a position he has held since May 2007.

He is also an independent non-executive board member at Deloitte, and the lead non-executive director at the Ministry of Defence.

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. “

Grimstone previously spent 13 years with Schroders in London, Hong Kong and New York, and served as vice chair of its worldwide investment banking operations.

Barclays chairman John McFarlane said: “Sir Gerry commands great respect within the financial services industry and will bring immense experience, integrity and knowledge to the role.”

Sir Gerry said: “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.”

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.