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Barclays Shareholders Have CEO in Mind

August 13, 2012
[ by Melanie Gretchen] Barclays' shareholders have already named their top choices for CEO to lead the bailed-out bank.  New chairman Sir David Walker, who on 11/1/12 succeeds resigned chairman Marcus Agius and who will make the final CEO decision, may need all the support he can get for the bailed-out bank that is more than 80% owned by the taxpayer. Royal Bank of Scotland CEO Stephen Hester has the support of one top-10 shareholder, according to the Telegraph.  Incidentally, Mr. Hester, who assumed the helm of RBS in 2008 after the resignation of Fred Goodwin, may fit the bill.  Sir David has said that that an internal candidate or a UK-based figure could take the job, the filling of which is his top priority.
Specifically, Mr. Hester is recognized for having given up his bonus in light of computer problems that shut thousands of customers of NatWest, RBS, and Ulster Bank out of their accounts earlier this year.  At RBS, his strategy has reduced bad debts, sold off under-performing assets, and ensured a good relationship with regulators.

"He has done a lot of good work at RBS.  He would be an excellent external candidate and Barclays needs to go externally for this appointment." -- The shareholder, of Mr Hester.

Another pick by investors may include Richard Meddings, the finance director of Standard Chartered  [CI Note: Where does he fit into the AML-Iran probe?] For further details, go to [Telegraph, 8/11/12].