Bloomberg News

Barclays Names Kheradpir Operating Chief Amid Jenkins Revamp

March 07, 2013

Barclays Plc (BARC), Britain’s second- largest bank by assets, named Shaygan Kheradpir as its chief operations and technology officer, responsible for helping the lender automate more systems to cut costs.

Kheradpir’s role will absorb some former responsibilities of Jerry Del Missier, the chief operating officer who departed last year in the wake of the Libor scandal. A former head of information technology at Verizon Communications Inc. (VZ:US), the 52- year-old Kheradpir has worked for the London-based lender since January 2011 and was chief operating officer for consumer banking, Barclays said on its website today.

“Improvements in the efficiency and effectiveness of our operations, facilitated in part by technological innovation and automation, were identified as a key priority in the strategic review we unveiled last month,” Chief Executive Officer Antony Jenkins said in the statement.

Kheradpir will report to Jenkins, who is hiring a new executive team and has vowed to overhaul the lender’s culture following the record 290 million pounds ($437 million) Barclays was fined for helping rig the London interbank offered rate. The scandal prompted the departures of CEO Robert Diamond, Del Missier and Chairman Marcus Agius.

Jenkins, 51, hired former Financial Services Authority Chief Executive Officer Hector Sants as head of compliance and government and regulatory relations, a newly created role, in December. Sants’s job includes Del Missier’s former responsibility for managing regulatory changes.

Barclays is also searching for a replacement for Finance Director Chris Lucas, who said last month he plans to retire. General Counsel Mark Harding also will retire, the lender said on Feb. 3.

Kheradpir left Verizon, the second-largest U.S. phone company, as executive vice president and chief information and technical officer. Before that, he worked for GTE Corp. from 1987 until it was purchased by Verizon in 2000. He earned a doctorate in electrical engineering at Cornell University, Barclays said.

To contact the reporter on this story: Howard Mustoe in London at hmustoe@bloomberg.net.

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net


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