Barclays FD resigns through ill health

Barclays finance director Chris Lucas is to leave the job on Friday, six months earlier than expected, due to ill health.

The 52-year old missed the bank's half-year results presentation last month, when Barclays announced plans to raise £5.8bn from shareholders through a rights issue as part of a plan to plug a £13bn 'gap' to meet the Bank of England's new rules on bank funding.

In a statement Lucas said: 'My health was a key factor behind my decision to step down which we announced in February. Whilst I had hoped to be able to continue working until early next year it is now clear to me that with my health as it is this will no longer be possible'.

Lucas, who joined the bank from PwC, was diagnosed with Parkinson's disease, a serious degenerative illness, four years ago.

Last month Barclays announced it had appointed Tushar Morzaria, chief financial officer of JP Morgan Chase's corporate and investment banking division, as its new FD and he will take up the post on 15 October. Peter Estlin, Barclays' financial controller, will be acting finance director in the interim.

Lucas is one of four current and former Barclays employees under investigation by the Financial Conduct Authority (FCA) over a £7bn fundraising deal in 2008 which involved Qatari investors. The investigation is ongoing, and Barclays is currently contesting the preliminary findings.

Pat Sweet | Reporter, Accountancy Daily [2010-2021]

Pat Sweet was the former online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, pub...

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