Legal & General (LGEN) chair John Kingman will make the leap to retail bank Barclays (BARC) to become a non-executive director and then chair of the bank on 1 June.
In a trading update this morning, Barclays cited Kingman's extensive experience, including at HM Treasury.
"John Kingman has agreed to join the board of Barclays as a Non-Executive Director with effect from 1 June 2023. He will succeed Crawford Gillies as chair of Barclays UK, the group's ring-fenced bank, upon taking up his appointment, subject to regulatory approval," it said.
"John has a deep background in financial services, gained from his executive and non-executive career, and will bring the skills and experience required to make a material contribution to the Barclays Board, and to the Board of Barclays UK.
"His experience spans the public and private sector with his former roles including senior positions at HM Treasury, as the first chief executive of UK Financial Investments Ltd (UKFI), and as global co-head of the financial institutions group at Rothschild. Sir John is currently chair of L&G. He stepped down as chair of Tesco Bank on 22 January 2023."
On Sunday, Kingman stepped down as chair of Tesco Bank, which is part of the listed Tesco business. Barclays shares were up 0.6% to 179.52 pence each on Monday morning in London, while L&G shares were 0.6% higher at 256.35p each.
By Tom Budszus, Alliance News reporter