The recent Libor scandal unleashed a wave of public ire that led to the resignations of former Barclays CEO Bob Diamond and Agius, though Agius agreed to stay on as executive chairman after Diamond’s departure, BBC News reports.
Walker is a senior banker who led a 2009 investigation into the failure of RBS. He will become non-executive director beginning Sept. 1 and succeed Agius as chairman beginning Nov. 1.
“Barclays is fortunate to have attracted Sir David Walker to succeed me as chairman,” Agius said, according to Proactive Investors. “He will be taking over at a time when Barclays’ universal banking model is delivering a strong performance in difficult markets.”
Walker is also the former chairman of Morgan Stanley International and the former deputy chairman of Lloyds Bank. As the new chairman at Barclays, Walker will earn $1.17 million per year, $156,000 in Barclays shares and work “no fewer than four days per week.”
Additionally, Walker said his first task as chairman will be to find a replacement for Diamond.
“He’s very well-connected,” Christopher Wheeler, a banking analyst at Mediobanca SpA, said, Bloomberg reports. “But, it feels you are going back a long way in your address book to find someone. He’s had a great career. He’s a bit of a veteran, and this is going to be a 24/7 job.”
Wheeler also said that Walker’s appointment as chairman may increase the chances of Antony Jenkins, Barclays’ head of consumer banking, being appointed as the new CEO, adding that Jenkins’ background would complement Walker’s background.