Barclays PLC and Barclays Bank PLC have announced in a press release that it has appointed James E. Staley as the Group CEO of the company, effective December 1, 2015.
Staley will be receiving a pay of up to £8.24 million, or $12.6 million a year.
John McFarlane, the chairman of Barclays, said in the press release that the Staley is the right man to be appointed for the job.
"In Jes Staley we believe we have an executive with the appropriate leadership talent and wide-ranging experience to deliver shareholder value and to take the Group forward strategically," he said. "In particular, he understands corporate and investment banking well, the re-positioning of which is one of our major priorities."
He adds in the press release that Staley is man who understands business as well as the "importance of cultural reform and the need to conduct the business" in a way that everyone "can be proud of."
"I look forward to working with him in what will be an exciting and important period for our company as we seek to accelerate the delivery of improved shareholder returns," he said.
Barclays adds in the press release that Staley will be receiving an annual pay of £1.2 million a year and a role-based pay of £1.15 million in shares.
Staley will also be receiving a cash allowance, which will be 33 percent of his salary, according to the press release.
He is also entitled to be considered for Barclays' discretionary incentive award up to a maximum value of 80% of fixed pay, and under Barclays Long Term Incentive Programme up to a maximum value of 120 percent of fixed pay.
Reuters adds that Staley's cash allowance will amount to £400,000 while his bonus amounts to £5.5 million.
Barclays adds in the press release that Staley will also be receiving Barclays share award amounting to £1.93 million.
This is to compensate him for the unvested share that JPMorgan Chase & Co. granted to him, which will be forfeited once he starts at Barclays.
Reuters adds that Staley will be facing a number of challenges once he assumes his role as Group CEO.
The bank is just halfway in its three-year plan to cut 19,000 jobs, which includes 7,000 in the investment bank.
Reuters adds that the Barclays is also still facing litigation issues and has been trying to improve its returns.
Investors and analysts believe Staley will be able to improve morale and set a clear strategy for the investment bank following years of uncertainty.
They warn, however, that Staley should not be aggressive in trying to build it back.
