New WorldPay Chairman Hails From Barclays

Michael Rake, the deputy chairman of Barclays, will become WorldPay’s next chairman, Bloomberg reported yesterday (July 15).

Rake, one of the people involved in driving out Barclays’ now former CEO Antony Jenkins last week (July 8), will become the payment processor’s new chairman starting Sept. 1 when he takes over for John Allan. Rake will stay on the Barclays board “until at least the end of 2015,” Barclays said in a statement.

“If and when he stands down from the Barclays board, a new senior independent director will of course have been appointed,” Barclays said.

Rake has served as Barclays senior independent director and will remain in that position for the time being. The reports related to Jenkins’ firing suggest that Rake was involved in the decision that followed the conflict between Jenkins and Barclays investment bank leader Tom King. The battle stemmed from cutbacks to the securities unit, sources said.

Rake joins WorldPay’s board at a time when there’s evidence that WorldPay, a company owned by Advent International Corp. and Bain Capital, has plans to go public soon.

“The payments industry has never been more exciting,” Rake said in a statement. “I’ve been very impressed by the WorldPay story so far.”

Upon joining WorldPay, Rake will reportedly hold five directorships, which is above the European regulation limit. Sources indicated that Rake will have to apply for a waiver from the Bank of England. Rake is also the chairman of BT Group and is president of the Confederation of British Industry.

The search for his replacement at Barclays will soon be underway, a source told Bloomberg.

[vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][/vc_column][/vc_row][vc_row full_width=”” parallax=”” parallax_image=””][vc_column width=”1/1″][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][vc_single_image image=”148412″ alignment=”center” style=”vc_box_shadow_3d” border_color=”grey” img_link_large=”” img_link_target=”_blank” css_animation=”left-to-right” img_size=”full” link=”http://www.pymnts.com/whats-hot-today/”][vc_column_text css_animation=””]

To check out what else is HOT in the world of payments, click here.

[/vc_column_text][vc_separator color=”grey” align=”align_center” style=”” border_width=”” el_width=””][/vc_column][/vc_row]