The deputy chairman of Barclays is not interested in taking up the reins of the top job at the company, it has emerged.
Sir Michael Rake was widely expected to be one of the forerunners to fulfil the position at the struggling British bank, but he has ruled himself out of contention to succeed Marcus Agius.
At present, Barclays is also without a chief executive and chief operating officer following the exits of Bob Diamond and Jerry del Missier in the aftermath of the Libor scandal.
It was thought Sir Michael was one of the favourites for the chairmanship, but he has now rejected the potential opportunity of a promotion.
In a statement released to the stock exchange this morning (23 July), by easyJet - where he is chairman - it was confirmed Sir Michael has "formally informed" Barclays of his wishes.
"The board takes the opportunity to repeat its support for Sir Mike," the budget airline added.
By Tony Aynsley