SHAREHOLDERS CONCERNED
David Hodnett declined Barclays ‘kick downstairs’ and quit
Shareholders are worried about the deputy CEO’s departure
Barclays Africa’s departing deputy CEO David Hodnett turned down the opportunity to lead the group’s corporate and investment bank, in all likelihood seeing it as a demotion from his previous role. "He was offered the job," Barclays Africa chairwoman Wendy Lucas-Bull told Business Day at the banking group’s annual general meeting (AGM) on Tuesday. This is its first AGM since the Barclays plc sell-down. Lucas-Bull could not comment on Hodnett’s reasons for declining the offer. She said Barclays Africa would now move forward with appointing a new CEO of its corporate and investment banking to oversee the unit’s current joint heads, Mike Harvey and Temi Ofong. When Hodnett’s two-month sabbatical was announced early in April, speculation was rife that he was on his way out. Hodnett’s role as head of SA banking was done away with as part of a strategy and management shake-up to better align the group with its post-Barclays future. Returning as CEO of the corporate and investment bank mig...
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