Walker becomes a non-executive director on 1 September, while Agius will step down from his post on 31 October.
Walker is currently a senior adviser to Morgan Stanley International, and was previously chairman. He has held a number of high profile positions over the past 30 years including assistant secretary at the Treasury and executive director at the Bank of England.
The 72-year old who will receive a salary of £750,000 a year for no less than four days work a week has also been chairman and chief executive of the Securities and Investment Board; deputy chairman at Lloyds Bank; vice chairman of Legal & General; and chairman of the London Investment Bankers’ Association.
Since 2007 he has completed two independent reports and made recommendations regarding the private equity industry and corporate governance at financial institutions. He also co-led the independent review of the report the FSA produced into the failure of Royal Bank of Scotland.
Agius said, “Barclays is fortunate to have attracted Sir David Walker to succeed me as chairman. He will be taking over at a time when Barclays universal banking model is delivering a strong performance in difficult markets. I wish him every success as he leads Barclays at this important time.”
Walker said his first priority is to appoint a successor to Bob Diamond, who exited the bank under pressure from the FSA and Bank of England following the LIBOR fixing scandal which saw Barclays hit with a £290m fine.
Chief operating officer Jerry del Missier was another high profile executive to leave the firm following the LIBOR revelations.
Walker said: “I am looking forward to joining the Barclays boards and to playing my part in taking the company forward after recent events.
“The UK needs a strong financial services sector and Barclays has a crucial role to play in ensuring that this country has a successful, well-governed banking industry.
“My immediate priority, and critical to Barclays ongoing success, will be the appointment of a new chief executive and I will be fully engaged in that process.”
