On August 9, 2012, Barclays announced that effective November 1, 2012, its new chair will be Sir David Walker, the former Bank of England deputy governor. Walker replaces former Barclays chair Marcus Agius – who resigned from his position immediately following the Libor scandal. Walker is currently a senior advisor and previous chair of Morgan Stanley. Prior to joining Morgan Stanley, Walker held high-profile positions including Assistant Secretary at the Treasury, Executive Director at the Bank of England, Chair and Chief Executive of the Securities and Investment Board, Deputy Chair at Lloyds Bank, and Chair of the London Investment Bankers’ Association.  

Upon the announcement that Walker would assume the chair position at Barclays, he stated, “I am looking forward to joining the Barclays Boards and to playing my part in taking the company forward after recent events. The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry. My immediate priority, and critical to Barclays ongoing success, is the appointment of a new Chief Executive, and I will be fully engaged in that process.” At this time, Barclays has not chosen a successor to previous CEO Robert Diamond, who also resigned following the scandal. (“Libor Cleanup: Barclays Names David Walker New Chairman,” Forbes, August 9, 2012).