By Simon Miller

Sir David Walker has been appointed Barclays' chairman, the bank announced last night.

Walker will replace Marcus Agius who will step down as director and chairman of Barclays on 31 October 2012.

Agius had initially resigned as chairman in the aftermath of the Libor rigging scandal but pressure from regulators and the Bank of England saw him return to the role to oversee the bank after chief executive Bob Diamond resigned.

Walker is currently a senior adviser to US bank Morgan Stanley, having previously held the position of chairman at Morgan Stanley International. He has held a number of high profile positions over the past 30 years including assistant secretary at the Treasury; executive director at the Bank of England; chairman and chief executive of the Securities and Investment Board; deputy chairman at Lloyds Bank; and chairman of the London Investment Bankers' Association.

Since 2007 he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions. He also co-led the independent review of the report that the Financial Services Authority produced into the failure of Royal Bank of Scotland.

Commenting, Marcus Agius said, “Barclays is fortunate to have attracted Sir David Walker to succeed me as chairman. He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets. I wish him every success as he leads Barclays through the next stage of its development.”

Walker commented “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.”

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