Barclays announce boardroom shake-up

Banking giant Barclays unveiled a boardroom shake-up today that will see chief executive Matt Barrett take on the chairmanship four months early.

Mr Barrett will replace Peter Middleton as chairman at the start of September, with former finance director John Varley stepping into the role of chief executive.

This marked a departure from previously announced succession plans that paved the way for a handover of boardroom power at the end of the year.

Media reports at the weekend said shareholders pushed for an earlier succession after becoming concerned at the year-long wait for Mr Varley to take the top job.

Other changes announced today include the promotion of Nigel Rudd to become deputy chairman.

He is currently chairman of retailer Boots and glassmaker Pilkington.