Former Barclays boss Bob Diamond gives up chairmanship of his African venture Atlas Mara
The former boss of Barclays, Bob Diamond, is stepping down from his role as chairman of pan-African finance firm Atlas Mara.
While Mr Diamond, who founded Atlas Mara six years ago, will no longer be the group’s chairman, he is staying on as a non-executive director at the firm.
Atlas Mara, which invests in financial services companies across sub-Saharan Africa, is also weighing up which markets it will continue to operate in and which to leave.
Moving on: The former boss of Barclays, Bob Diamond, is stepping down from his role as chairman of Atlas Mara
The company said Mr Diamond’s return as a non-executive director of the group will allow him to ‘increase his focus on his other executive roles while continuing to contribute actively to Atlas Mara’s growth and strategic direction.’
Atlas Mara share price has slumped by around 86 per cent since the company floated in 2013.
As part of a review of its operations the company will aim to ‘ensure that top five market leadership is practicably achievable in the near term, or to explore transactions that will reduce risk exposure where such leadership is unlikely on a standalone basis.’
It is also considering buying a 35 per cent stake in South African financial services provider GroCapital Holdings from Fairfax Africa, Atlas Mara’s largest shareholder.
Mr Diamond will be succeeded by Fairfax Africa boss Michael Wilkerson as executive chairman of Atlas Mara.
The company has also appointed Muhammad Omar Khan as chief financial officer, with effect from April.
Mr Diamond said: ‘I am excited to return to my original role on the board and to continue to partner with Michael to accelerate the execution of our strategy.
‘My belief in our ambition – to create a premier sub-Saharan African financial institution to better serve continental and global customers – remains as strong as the day we founded the company.’
Mr Diamond served as chief executive at Barclays between 2011 and 2012 before resigning amid the Libor scandal.