Mr Allvey, the former group finance director of BAT Industries, was left without a role after the group merged its insurance businesses with Zurich Insurance last year. He replaces Oliver Stocken when he retires from the bank in September.
Mr Allvey, who since the merger had been downgraded to chief of corporate operations - albeit with a main board directorship - resigned from Allied Zurich more than a fortnight ago. He said yesterday that he had been looking to move for some time.
His package comprises a basic annual salary of pounds 475,000; a 100 per cent bonus if certain performance criteria are met after three years; a bonus for 1999 of 50 per cent of his salary; pounds 50,000 for relocation from Zurich to London; and a one-off award of options worth 50 per cent of his salary to compensate for the executive options he forfeits when he leaves his current employer. The bonus is guaranteed in his first year.
The choice of Mr Allvey was broadly welcomed in the City, despite concern that the fact that that Barclays has chosen to make the appointment now rather than wait for a chief executive suggests that the bank is still some way off filling the top job.Reuse content