Rake has been chairman of Barclays since 2012 and has been on the board since 2008.
According to Sky News, Mike Rake is set to become chairman of payments processing firm Worldpay.
Rake led the Barclays board in its decision to sack Antony Jenkins, and said in a statement that new leadership was required to accelerate the pace of execution going forward.
Commenting on Jenkins' departure, Sir Michael Rake said:
“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."
Prior to his appointment at Barclays, Rake was Chairman of KPMG in Europe and Senior Partner of KPMG in the United Kingdom.
