Anthony Jenkins, Chief Executive of Barclays, has been ousted by the board of the bank, stating that 'a new set of skills' was required.
According to a statement made by the bank, Jenkins' departure came as a result of differing opinions regarding strategy and where to focus its resources for growth and efficiency.
Barclays' Chairman John McFarlane has been appointed interim Executive Chairman. He commented: 'As a Group, if we aspire to bring shareholder returns forward, we need to be much more focused on what is attractive, what we are good at, and where we are good at it.
'We therefore need to accelerate revenue, costs and capital performance. We also need to become more externally focused and deal with the internal bureaucracy by becoming leaner and more agile.'
He added that: 'Notwithstanding Antony's significant achievements, it became clear to all of us that a new set of skills were required for the period ahead.'
The board's dissatisfaction was brought to a head and led by Sir Michael Rake, Deputy Chairman and Senior Independent Director, who commented that new leadership was needed to accelerate the company's performance.
According to BBC News: 'Jenkins has been fired after falling out with the board over the size of the investment bank and the pace of cost cutting.
'[Jenkins] was told in the last few days that the board no longer had confidence that he was the right man to lead the organisation.'
The board change will come fully into effect on 17 July 2015 and a search for Jenkins' successor is underway.
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