Barclays extends Chairman Higgins' tenure by three years

By Stefania Spezzati

LONDON (Reuters) - Barclays has extended the chairmanship of Nigel Higgins for another three years as the bank looks to push ahead with a turnaround plan unveiled last year, the lender said in its annual report on Thursday.

The bank also increased Higgins' salary by 8% to 925,000 pounds, it said.

Barclays named Higgins, a former Rothschild banker, group chairman in 2019 with a three-year contract that was then extended three years through 2025, the bank's filings show.

While a further extension is in line with the nine-year tenure recommended under the UK corporate governance code, Higgins' predecessor, John McFarlane, left after a four-year stint.

Barclays has achieved a rebound in profit in the past year and a surge in its share price after Chief Executive C.S. Venkatakrishan, known as Venkat, announced a strategy to shift resources away from its investment bank and promised more returns for shareholders.

A former investor had questioned in 2023 how Barclays and Higgins had vetted former chief executive Jes Staley's business ties to late sex offender Jeffrey Epstein.

Higgins and Bank of England Governor Andrew Bailey, who led the Financial Conduct Authority from 2016 to 2020, will give evidence next month in a legal case brought by Staley against the watchdog.

(Reporting by Stefania Spezzati; Additional reporting by Kirstin Ridley; Editing by David Goodman)