Sir Gerry Grimstone is set to step down from his roles at Barclays (LON:BARC), the blue-chip lender has said. The news comes after the London-listed bank update investors on its performance yesterday, posting a small fall in profit before tax, while signalling plans for progressive ordinary dividend and share buybacks “as and when appropriate”.
Barclays’ share price has fallen into the red in today’s session, having given up 1.38 percent to 158.56p as of 10:25 GMT. The shares are underperforming the broader UK market, with the benchmark FTSE 100 index having added 0.42 percent to stand at 7,197.80 points.
Sir Gerry Grimstone steps down
Barclays announced in a statement today that Sir Gerry Grimstone had informed the company that he had decided to step down from his roles as a non-executive director of Barclays Plc and chairman of the group’s subsidiary Barclays Bank Plc, effective at the end of the month.
He noted in the statement that it was ‘an appropriate moment for a change,’ and that he was leaving the lender ‘in very good shape’.
The FTSE 100 company noted that its incoming chairman Nigel Higgins, who joins the group board on March 1, will assume the role of Barclays Bank chairman.
HL weighs in on Barclays’ results
Hargreaves Lansdown’s analyst Nicholas Hyett commented on the group’s results yesterday, noting that the company was ‘not gold medal-winning yet’.
“Results have been hit and miss at best,” the analyst pointed out, adding, however that the group was “always going to be more marathon than sprint”.
“If it can deliver the 10%+ return on equity it’s targeting by 2020, and do that consistently, then this year’s dividend hike, which has the bank yielding 4.9% in 2019, might be the first of several,” Hyett concluded.