British banking giant Barclays has sacked chief executive Antony Jenkins and replaced him with chairman John McFarlane on an interim basis.
The bank said its non-executive directors, led by deputy chairman Michael Rake, had decided that "new leadership is required to accelerate the pace of execution going forward."
Rake commented: "I reflected long and hard on the issue of Group leadership and discussed this with each of the Non-Executive Directors. Notwithstanding Antony’s significant achievements, it became clear to all of us that a new set of skills were required for the period ahead. This does not take away from our appreciation of Antony’s contribution at a critical time for the company."
McFarlane, who became chairman in April, will take over as executive chairman on 17 July 2015.
Members of the bank’s group executive committee will now report to McFarlane, who will work particularly closely with Tushar Morzaria, group finance director.
Jenkins took over from Robert Diamond in 2012 after the bank was fined for manipulating benchmark interest rates.
"The board recognizes the contribution made by Antony Jenkins as chief executive over the past three years in incredibly difficult circumstances for the group, and is extremely grateful to him in bringing the company to a much stronger position," the bank said in a statement.
McFarlane said: "Whilst it is unfortunate that I have had little time to work with Antony, I respect and endorse the position of the Board in deciding that a change in leadership is required at this time. I would add my personal thanks for everything that Antony has done for us."
Jenkins said, "In the summer of 2012, I became Group Chief Executive at a particularly difficult time for Barclays.
"It is easy to forget just how bad things were three years ago both for our industry and even more so for us. I am very proud of the significant progress we have made since then. Our capital position is much stronger, our business model is more balanced, we are much more disciplined on cost management, we have made good progress in rebuilding our reputation and we are seen as a leader in the application of technology to our business. While the external environment has continued to be, and will remain, challenging the Group now has the resilience to overcome these challenges."
"Most of all, I am proud that we have defined our culture through a common set of values for the Group and that the progress we have made and the tough decisions we have needed to take have all been achieved by applying these values and by focusing on the needs of all our stakeholders," Jenkins added.
Jenkins will take home £2.4m ($3.7m) plus benefits, the bank said, and is eligible for a 2015 bonus.