Mike Rake had pulled out of the race to become Barclays’s next chairman because he felt the role would prevent him from taking on any further positions, Sky News reported yesterday. Rake, who is the president of the Confederation of British Industry and chairman of telecoms company BT Group, told John Sunderland, who is leading the search for the new chairman, 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. Barclays could not immediately be reached for comment. – Reuters