Home / Industry / Banking /  Barclays bank says CEO Venkat has cancer, to remain in post

CS Venkatakrishnan, the chief executive officer of British bank Barclays, is suffering from cancer and will remain in the top post while undergoing treatment.

A spokesperson for Barclays stated that the lender has not appointed an interim chief executive, with Venkat and the bank's executive committee expected to continue running the company.

The 56-year-old would undergo treatment for several months for non-Hodgkin lymphoma, a type of cancer, adding that the condition is treatable and that he would keep working when possible.

During his treatment, the lender will “run normally" and Venkatakrishnan “will continue to be actively engaged in managing it." He will have to work from home for some periods and won’t be able to travel, as per the filing.

Prognosis 'excellent'

Barclays announced the news in a brief statement alongside a letter by Venkatakrishnan to staff that presented an upbeat prognosis for his non-Hodgkin lymphoma, a cancer affecting the lymph system.

“I have been diagnosed with non-Hodgkin lymphoma," Venkatakrishnan said in a regulatory filing on Monday.

"The good news is that the matter has been detected early, with scans and biopsies confirming it to be very localised," he wrote.

"The doctors have advised that my prognosis is excellent, and my condition is curable with their prescribed regimen."

Venkat will likely have to cut back on public engagements, such as a scheduled appearance at the World Economic Forum meetings in Davos next January, Barclays' spokesperson has said.

Venkatakrishnan said his treatment, at Memorial Sloan Kettering Cancer Center in New York, would likely last 12 to 16 weeks.

Non-Hodgkin lymphoma is a cancer that develops in the lymphatic system, weakening the immune system, but most cases are considered "very treatable" according to information on the website of Britain's National Health Service.

This type of cancer affects over 80,000 people annually in the US and UK. The five-year survival rate is about 64% for men, the Cancer Research UK figures confirmed.

Last month, Barclays had announced a 10% lift in net profit for the third quarter but also revealed rising impairment charges owing to an uncertain economic environment.

Barclays shares were little changed. On Monday, shares of Barclays were up 0.5% against a broader FTSE 100 index down 0.5%.


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