Bob Diamond Appointed Barclays Chief Executive

Multi-millionaire banker Bob Diamond is to become the new Chief Executive of Barclays, it has been announced.

Mr Diamond will take over from the current Chief Executive John Varley on March 31 next year.

Mr Diamond is currently President of Barclays and Chief Executive of Corporate & investment Banking and Barclays Wealth. Prior to joining Barclays in 1996, Mr Diamond held senior leadership roles at CS First Boston in Tokyo and New York and at Morgan Stanley International. He began his career as a lecturer at the School of Business, University of Connecticut in 1976.

Commenting on his appointment, Mr Diamond said: "I am honoured by the Board's confidence in me and greatly motivated by the challenge of leading Barclays during the critical period ahead."

Barclays Chairman Marcus Agius said: "John Varley has made an extraordinary 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.

"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 has a proven track record as a business leader, and I and the Board very much look forward to working with him in his new role. "

John Varley was appointed Group Chief Executive in September 2004. He will become a Senior Advisor on regulatory matters to Bob Diamond and to the Board of Barclays until September 30 2011. He said: "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."

It was also announced today that HSBC Chairman Stephen Green is stepping down to become a government trade minister. He will take up the post of Minister for Trade and Industry in January.

(KMcA/GK)