Stocken stays on in FD role
Barclays’ finance director Oliver Stocken has delayed his retirement in an effort to maintain continuity in the face of the management turmoil which has hit the bank’s board.
Chief executive Martin Taylor resigned last week as the bank issued a profits warning.
Stocken, who in June announced he would retire this year, also announced he would be staying on as finance director until the annual general meeting in April 1999.
Stocken, a chartered accountant, joined Barclays in 1979 and acted in a number of management positions, both in London and Australia. He was appointed FD in 1993.
Ex-treasury official Sir Peter Middleton is acting as temporary chief executive until a replacement for Taylor is found.
Taylor was the author of a report on the modernisation of Britain’s tax and benefit system earlier this year. It advocated the merging of the Contributions Agency with the Inland Revenue.
The bank suffered a further blow this week as its executive deputy chairman, Sir Andrew Large, announced he was surrendering his executive post.