In an attempt to bolster profitability and regain investor confidence by CEO Antony Jenkins, Barclays has hired two new non-execute directors.
CEO of Starwood Hotels & Resorts Worldwide Inc., Frits van Paasschen, and Michael Ashley, accounting firm KPMG LLP’s European head of risk management, are due to join the Barclays board on 1 August 2013 and 1 September 2013 respectively.
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The new appointments come days after Tom Kalaris, head of Barclays’ wealth management and investment management (WIM) unit and Rich Ricci, head of the bank’s investment banking division, announced their retirement by 30 June.
Jenkins, 51, who replaced Robert Diamond in August 2012, is seeking to rein in executive pay and give more of the London-based bank’s profits to shareholders to help restore investor support.
Barclays chairman, David Walker, said: "Frits brings a valuable marketing and retail background as well as experience driving a turn-around strategy. Michael brings strong financial skills and an extensive knowledge of banking. Michael’s background in ethics will also be valuable as Barclays continues to embed its recently launched purpose and values."
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