FirstGroup chairman John McFarlane is to quit the Aberdeen-based transport company next summer after being chosen to lead the board of banking giant Barclays.
Mr McFarlane is also stepping down as chairman of insurance group Aviva.
He will become Barclays’ chairman in April, it was announced yesterday.
Mr McFarlane has been chairman of FirstGroup only since the start of this year, when he took over the post from Aberdeen Asset Management chief executive Martin Gilbert.
FirstGroup said it had already started the process of identifying another “strong”individual to fill the position.
Senior independent director Drummond Hall added: “It is unfortunate that John will be unable to see his tenure through at FirstGroup, but we all understand the importance of the role at Barclays he has been asked to take on”.
Mr McFarlane said: “It is with regret that I must take the difficult step of leaving FirstGroup so early.
“I am, though, satisfied with the progress we have made in appointing a strong board of directors, in achieving stability, in testing the business plan with the team, and in endorsing the way ahead.
“We will continue to build on this progress as we go forward.
“I am confident that we will appoint a highly qualified successor and I will work towards ensuring a seamless transition.”
His appointment by FirstGroup came after a turbulent spell for the firm, including its growth plans getting derailed by the botched bidding process for the west coast intercity train franchise.
In July, he pledged to review the group’s pay policies after a shareholders’ revolt against its bosses’ remuneration deals.
The board enraged shareholders and employees after it emerged Mr O’Toole saw his total wage packet nearly double to £2million as annual profits at the firm soared.
Announcing Mr McFarlane’s new role at one of the world’s largest banks, where he replaces Sir David Walker, Barclays said: “The Barclays board set very challenging requirements for its new chairman. In John McFarlane we have identified someone who met all of our criteria.
“John is an enormously experienced and respected banker, with global experience of both retail and investment banking.
“He will bring great leadership, integrity and knowledge to the role.”
The bank will pay its new chairman an annual fee of £800,000 for a role which is expected to have a time commitment equivalent to 80% of a full-time position.
Mr McFarlane was chief executive of Australia and New Zealand Banking Group between 1997 and 2007 and a director of Royal Bank of Scotland between 2008 and 2012.
He has overseen the recovery of Aviva since a shareholder rebellion on pay and performance ousted its chief executive in 2012.
Aviva yesterday unveiled current board member Sir Adrian Montague as its new chairman.
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