Following the news earlier this year that current Group Finance Director Chris Lucas would retire Feb. 28, 2014, Barclays (NYSE: BCS ) has hired current JPMorgan Chase (NYSE: JPM ) Corporate and Investment Banking CFO Tushar Morzaria, Barclay's said today. Morzaria will join Barclays "in the autumn of 2013," according to the announcement.
Morzaria has also been named an executive director on Barclay's board effective next Jan. 1, and will assume his full responsibilities upon Lucas' retirement early next year, the release said. Barclays Group CEO Antony Jenkins said: "I am delighted to welcome Tushar to Barclays. He is an accomplished professional with first class strategic financial management experience built up over 20 years."
Morzaria's compensation plan includes a $1.2 million base salary (based on today's exchange rates), with an annual incentive award that could reach as much as $3 million, equal to 250% of Morzaria's annual salary. In 2014, Morzaria will also become eligible for an award that could reach 400% of his salary.
Additionally, Morzaria will receive the equivalent value of any deferred compensation due as part of his current agreement with JPMorgan Chase, with roughly the same vesting schedule, Barclays announced.