Barclays plc said on Friday that Ian Cheshire will be stepping down as chair of Barclays Bank UK plc and will be succeeded by veteran Scottish executive Crawford Gillies with effect from January 1, 2021.

Gillies is currently chairman of Glasgow-based drinks company Edrington — owner of Scotch whisky brands The Macallan, Highland Park and The Famous Grouse.

Gillies has also chaired major private and service sector organisations including Scottish Enterprise.

Cheshire will stay on the board of Barclays until the AGM in May 2021 in order to help ensure a smooth transition.

Chesire helped establish Barclays UK as a ring-fenced bank and set up its board and governance structure.

“Over the next few years, Barclays UK will need a concerted focus on its plans to position the bank to support customers against a backdrop of an economy recovering from the effects of the COVID-19 pandemic and a continuing low interest rate environment,” said Barclays plc.

“With regret, Sir Ian has informed the group that he is unable to accommodate the increased time commitment and duration required to see through this programme.

“Accordingly, Sir Ian will be stepping down and handing over the chair of Barclays UK to Crawford Gillies, who will join the Barclays UK board with effect from 1 January 2021.

“Crawford’s track record and deep knowledge of the group, including Barclays UK, position him well for the role.

“Crawford will remain on the Barclays board alongside his Barclays UK role.

“Upon his appointment to the Barclays UK board, Crawford will cease to be the senior independent director of Barclays and will be succeeded in that role by Brian Gilvary with effect from 1 January 2021.

“Crawford will continue to chair Barclays’ remuneration committee until 1 March 2021, when he will be succeeded in that role by Brian Gilvary.”