The Daily Telegraph reports that the BT chairman and CBI president reportedly told Sir John Sutherland, the Barclays non-executive director who is leading the search in conjunction with headhunters Spencer Stuart, that he does not wish to replace outgoing chairman Sir David Walker.
He allegedly decided to quit the race because the role would prevent him from taking on any further positions.
Sir Mike has been on the board of Barclays since January 2008, becoming senior independent director in 2011, and finally deputy chairman in July 2012. He turned down the post during the "last couple of weeks", according to Sky.
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