BARCLAYS HAS ENDED its long search for a successor to outgoing finance director Chris Lucas with the recruitment of JP Morgan executive Tushar Morzaria.
Morzaria, currently chief financial officer of corporate and investment banking at JP Morgan Chase, will succeed Lucas in February, after the bank announced earlier this year that Lucas would step down after six years in the role.
A qualified chartered accountant with previous roles in the finance functions of Credit Suisse and SG Warburg, Morzaria brings an outside perspective to the British bank as it recovers from a series of scandals.
Lucas was one of the bank’s last top executives still at the bank following last July’s Libor rate-rigging scandal, which led to the departure of chief executive Bob Diamond, chairman Marcus Agius and chief operating officer Jerry del Missier.
Commenting on the appointment Antony Jenkins, Barclays’ group chief executive, said: “[Morzaria] is an accomplished professional with first class strategic financial management experience built up over 20 years… he will bring a welcome new perspective to what is a pivotal role.”
Morzaria, who could earn potentially more than £6m a year in salary and bonuses, was appointed as the bank became engulfed in a latest scandal for allegedly manipulating electricity prices. Hours after Morzaria’s appointment had been announced; US energy regulators handed out fines of $453m (£299m) to Barclays and four of its traders for attempting to manipulate the US electricity market.
Barclays said it planned to “vigorously defend” the claims.
Morzaria will receive an annual salary of £800,000 with an annual incentive award of up to 250% of his salary, as well as a longer-term bonus scheme of up to 400% of salary. The bank will also compensate Morzaria for any deferred and long-term awards forfeited by leaving JP Morgan, but did not disclose the amounts.
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