CBI President Mike Rake exits race for Barclays' chairman

Mike Rake has quit the race to become Barclays PLC's next chairman as the CBI president feels the role would prevent him from taking on any further positions, Sky News reported on Saturday, citing sources.

Rake, who also chairs British telecommunication company BT Group, told John Sunderland, who is leading the search  for the new chairman, in the last couple of weeks that he did not want to be considered for the role, Sky quoted headhunting sources as saying. 

Sunderland, a non-executive director at Barclays, was appointed in April to lead the search for a potential successor to Chairman David Walker.

Walker, who joined in the bank in the wake of the Libor scandal in 2012, was expected to serve for a maximum of three years.

Barclays could not be reached for a comment outside of regular business hours in Britain.