Martin Taylor, who shocked the City of London when he quit as chief executive of Barclays last year, has been appointed chairman of WH Smith. He will replace Jeremy Hardie in the post on November 1st this year. Mr Taylor, 47, was a non-executive director of WH Smith from 1993 to 1998.

WH Smith said Mr Taylor would be paid a salary of £150,000 sterling (€227,686) for one-and-a-half day's work a week. Mr Hardie, 60, who has been chairman since January 1994, will retire.

A spokesman for the company said of Mr Taylor's salary: "That's the going rate."