Barclays FD in sudden departure

The sudden move was announced yesterday by the bank as part of a board restructuring following its recent acquisition of Woolwich, the mortgage bank.Allvey will be replaced by John Varley, an executive director and former chief executive of Barclays Retail Financial Services.

In a statement, Barclays chairman Sir Peter Middleton said, ‘On behalf of the board, I would like to extend our warmest thanks to David Allvey for the significant contribution he has made during a challenging period of transition for the bank.’

Allvey joined the bank 14 months ago from Zurich Financial Services, taking over from Oliver Stocken.

Allvey’s departure comes as part of a wider restructuring of the Barclays’ board which included the elevation of John Stewart, formerly chief executive of the Woolwich, to deputy group chief executive.

Richard Meddings, formerly executive director and finance director of the Woolwich, has been appointed group financial controller, reporting to Varley.

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