John Varley is to step down as group chief executive of Barclays PLC and Barclays Bank PLC, and also from the Barclays Boards and the Group Executive Committee on 31 March 2011.

Varley will be succeeded by Robert E Diamond Jr, who currently leads the corporate and investment banking and Barclays Wealth businesses of the Group.

A member of the Board of Barclays since 2005, Diamond will from 1 October 2010 become President and deputy group chief executive. Varley will become a senior advisor on regulatory matters to Diamond and to the Board until 30 September 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,” commented Marcus Aguis, Barclays chairman.

Varley added: “It has been a great privilege to lead Barclays as chief executive and to serve our customers, clients and shareholders in a number of roles during my career here. What we have achieved over the last seven years has been achieved because of the immense and constant support I have had from my chairman, the Board and my senior team, and from my 150,000 colleagues in the Group.”

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