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Aviva’s John McFarlane Named The New Chairman of Barclays PLC (NYSE:BCS)

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By on Company, Financial

The investors of Barclays PLC (NYSE:BCS) have appointed a new chairman to the company. John McFarlane, a veteran in the banking and insurance industry, will take the position of chairman of the lender’s company. Mr. McFarlane will be responsible for overseeing and managing the British bank’s ventures to culture, standards, and performance.

McFarlane’s previously held the position as chairman of Aviva, a British insurance company, and will now hold the same position at Barclays after its annual shareholders meeting in 2015, which usually takes place in April.

The bank has been vigorously searching for a possible replacement for David Walker, who, along with chief executive officer Anthony Jenkins, has made significant attempts to improve the company’s culture after a series of scandalous events brought up concerns regarding the lax standards across the entire company.

According to an insider at Barclays with a senior level position, John McFarlane is a resolute person, and that character will be very beneficial and helpful for a relatively new and inexperienced team.

Barclays also stated that the company is still facing obstacles and headwinds that could last up to six years, which is still an issue for the bank.

One of the senior investors in Barclays stated that Mr. MacFarlane’s appointment to the position is good news for the company and would help increase the bank’s relationship with regulators.

Mr. McFarlane had served as chief executive officer of Australia and New Zealand Banking Group for ten years up to 2007, when he switched over to be Aviva’s chairman until 2012.

Mr. McFarlane also currently serves as the chairman of FirstGroup, a transport company. He plans to give up his position at both Aviva and FirstGroup in order to serve as chairman for Barclays.

Mr. McFarlane joined Australia and New Zealand Banking Group out of Standard Charter, where he served as the executive director from the years 1993 to 1997. In addition to that, Mr. McFarlane also worked for CitiGroup and its prior firms for 18 years until 1993.

Mr. McFarlane also held the position as a non executive director at the Royal Bank of Scotland from 2008 to 2012.

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