September 26, 2019 / 7:29 AM / 23 days ago

Barclays refreshes board with Soros' Fitzpatrick, ex-PIMCO boss El-Erian

FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration taken June 21, 2017. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Barclays (BARC.L) Chairman Nigel Higgins has secured two of the biggest names in global finance to revitalise the board of the British lender, in its latest attempt to quell dissent from rebel shareholder Edward Bramson.

The bank said on Thursday it had appointed Dawn Fitzpatrick and Mohamed A. El-Erian as non-executive directors, as part of a boardroom overhaul that also included a reallocation of responsibilties from its reputation committee to its main board and risk committee.

Fitzpatrick is currently chief investment officer of Soros Fund Management, where she oversees approximately $25 billion in assets, while El-Erian is chief economic adviser at Allianz (ALVG.DE), corporate parent of fixed income investment house Pimco, where he served as chief executive between 2007-2014.

The lender also said it would reconstitute the membership of its Barclays Bank board exclusively from the group board, to create a simpler, more efficient governance structure.

From September 25, the Barclays Bank board comprises Nigel Higgins, Chief Executive Jes Staley, Tushar Morzaria, Mike Ashley, Tim Breedon, Mary Anne Citrino, Dawn Fitzpatrick, Mary Francis, Matthew Lester and Diane Schueneman.

El-Erian will join the board on January 1.

The board of Barclays Bank UK remains unchanged.

Reporting By Sinead Cruise, editing by Pamela Barbaglia

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