Barclays named former Bank of England deputy governor David Walker as its next chairman.
Walker, 72, will start on Nov. 1 and begin recruiting a replacement for former Chief Executive Officer Robert Diamond, the bank said in a statement today. Walker, a former U.K. civil servant, is a senior adviser to Morgan Stanley and oversaw a review of the British banking industry for former Prime Minister Gordon Brown.
Walker said in the statement that his "immediate priority" will be to hire a new CEO. Diamond and Chairman Marcus Agius resigned after the London-based bank was fined a record 290 million pounds ($543 million) in June by U.S. and U.K. regulators for attempting to rig the London interbank offered rate.
"He's very well connected," said Christopher Wheeler, a banking analyst at Mediobanca SpA in London. "But it feels you are going back a long way in your address book to find someone. He's had a great career. He's a bit of a veteran, and this is going to be a 24-7 job."
Walker will become a non-executive director of Barclays on Sept. 1.
At least 12 banks are being investigated for manipulating Libor. Criticism from lawmakers and the Bank of England forced the resignation of Agius, Diamond and former Chief Operating Officer Jerry Del Missier. Agius has been leading the bank in the interim and searching for his own successor.