Barclays Names James Staley CEO, Effective December 1

(RTTNews) - Lender Barclays Plc. (BARC.L, BCS) Wednesday said James Staley has been appointed as Group Chief Executive Officer of Barclays. Staley will take up his role, and join the Barclays Boards as a director, with effect from December 1. Staley has nearly four decades of extensive experience in banking and financial services. He worked for over 30 years at J.P. Morgan, initially training as a commercial banker, and later advancing to the leadership of major businesses involving Equities, Private Banking and Asset Management. He ultimately headed the company's Global Investment Bank.

He is currently Managing Partner of BlueMountain Capital. He serves on the Board of Directors of UBS AG, Renewable Energy Trust Capital, Inc, American Century Investments, Alliance Partners, the Robin Hood Foundation, CODE Advisors, the Board of Trustees of Bowdoin College, the Investor Advisory Committee on Financial Markets of the Federal Reserve Bank of New York, and is a member of the Council on Foreign Relations.

CEO-Designate Jes Staley said, "It is an honour to be chosen to lead Barclays, an institution with an extraordinary legacy of 325 years in existence. I look forward to building on this heritage and to working with the company's dedicated and deeply talented employees to deliver the highest quality financial services to the bank's customers and clients, with integrity and skill."

His package includes salary of 1,200,000 pounds, role based pay of 1,150,000 pounds delivered in shares and a cash allowance in lieu of pension of 33 percent of his salary. Staley will also receive standard benefits including medical cover, life assurance, and relocation assistance.

Following the announcement, UBS said it has accepted Staley's resignation from all of his functions at UBS with immediate effect to avoid conflicts of interest.