, LONDON, Sept 7 – British bank Barclays on Tuesday said it had chosen American Bob Diamond, head of its investment banking unit, to become its new chief executive in place of incumbent John Varley.
Barclays said that Varley would step down at the end of March, 2011.
"John Varley has made an extraordinary contribution to Barclays during his long service with the group and the board is grateful to him for the tremendous progress Barclays has made during his tenure as group chief executive," Barclays chairman Marcus Agius said in a statement.
"I am delighted that Bob Diamond will be his successor. He is superbly qualified, with more than 30 years\’ experience in the banking sector, the last 14 of which have been with Barclays," he added.