Barclays appoints Dawn Fitzpatrick and Mohamed A. El-Erian as non-exec directors

Maria Nikolova

Ms Fitzpatrick joined the Board on September 25, 2019, whereas Dr. El-Erian is set to join the Board on January 1, 2020.

Barclays PLC (LON:BARC) today announces the appointment of Dawn Fitzpatrick and Mohamed A. El-Erian as non-executive Directors. Ms Fitzpatrick’s appointment is effective September 25, 2019, Dr. El-Erian will join the Board on January 1, 2020.

At present, Ms Fitzpatrick is Chief Investment Officer of Soros Fund Management LLC (SFM). Before joining SFM, she spent 25 years at UBS and its predecessor organisations, most recently as Head of Investments for UBS Asset Management. She currently serves on The New York Federal Reserve’s Investor Advisory Committee on Financial Markets and the Advisory Board and Investment Committee of the Open Society Foundations’ Economic Justice Program.

Mohamed A. El-Erian is chief economic adviser at Allianz, the corporate parent of Pimco, where he served as chief executive and co-chief investment officer (2007-2014), and President-elect of Queens’ College Cambridge. He previously chaired President Obama’s Global Development Council, was Deputy Director at the International Monetary Fund, a Managing Director at Salomon Smith Barney, and president and CEO of Harvard Management Company.

Having served on the boards of the US Treasury Borrowing Advisory Committee, the International Center for Research on Women, the Peterson Institute for International Economics, the IMF’s Committee of Eminent Persons and the New York Federal Reserve’s Investor Advisory Committee on Financial Markets, he is currently a trustee of several non-profit boards, including the National Bureau of Economic Research, is a Board member of Under Armour, and has been chair of Microsoft’s Investment Advisory Board since 2007.

Also today, Barclays unveiled changes to Board Committees and subsidiary Boards. In order to create a simpler, more efficient governance structure the Board of Barclays Bank (BB) PLC has been reconstituted with its membership drawn exclusively from the Barclays PLC Board. Effective September 25, 2019, the Barclays Bank PLC Board includes: Nigel Higgins (Chairman), Jes Staley, Tushar Morzaria, Mike Ashley, Tim Breedon, Mary Anne Citrino, Dawn Fitzpatrick, Mary Francis, Matthew Lester, Diane Schueneman. Mohamed A. El-Erian will join this Board when he joins the Barclays PLC Board, on January 1, 2020.

Sir Ian Cheshire, the Chairman of Barclays Bank UK PLC, and Crawford Gillies, the Senior Independent Director of Barclays PLC, have not joined the Board of Barclays Bank PLC.

Further, the Barclays PLC Board has reviewed the responsibilities of its Reputation Committee and has decided to reallocate those responsibilities between the main Board and the Risk Committee. The Board considers that culture, environmental matters and oversight of the organisation’s reputation should be addressed by the full Board, rather than by a committee, and direct responsibility for addressing these matters has therefore transferred to the Board itself. Responsibility for the oversight of the Compliance function, and for conduct risk has transferred to the Risk Committee. As a result of these changes, the Reputation Committee has been disbanded.

The Board of Barclays Bank UK PLC remains the same.

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