Investors Cheer Exit of Barclays (BCS) Chairman Agius; Will Diamond Follow?

July 2, 2012 8:16 AM EDT
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"Don't let the door hit you on the way out!" - Barclays investors.

Barclays PLC (NYSE: BCS) shares are indicated higher as investors breathe a little sigh of relief upon the resignation of one of its top executives.

According to a release on its website, Barclays Chairman Marcus Agius said he was leaving the bank. Agius took responsibility for the recent uncovering of efforts by some of its employees to manipulate LIBOR rates in their favor.

In addition to the resignation, Agius said Barclays would perform an internal audit to evaluate past practices and create a new code of conduct. Results of that audit are expected to be posting to the public.

The other target at Barclays has been its CEO, Robert Diamond, following admittance of wrongdoing. Many then called for the resignation of Diamond. It should be noted that Agius voiced support for Diamond in his letter, indicating Diamond might not be so quick to exit his position.

No statement has been made by Diamond on Agius yet.

Following Agius' departure, director Sir Michael Rake will serve as interim Chairman, a position he's familiar with given he's also Chair at BT Group as well as easyJet. He also sits on the Board at McGraw-Hill (NYSE: MHP).

Ahead of the bell, Barclays stock is over 3 percent higher.

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