He will be succeeded by Robert E. Diamond Jr., who will be President and Deputy Group Chief Executive, effective October 1, 2010.
According to the announcement, Diamond currently leads the Corporate and Investment Banking, and Barclays Wealth businesses of the Group. He has been a member of the Board of Barclays since 2005.
Varley will become a senior adviser on regulatory matters to Bob Diamond and to the Board of Barclays until September 30, 2011.
In addition, Barclays announced that Jerry del Missier and Rich Ricci, will become Co-Chief Executives of Barclays Capital, effective October 1, 2010, in addition to being Co-Chief Executives of the Corporate and Investment Bank.
Apart from the change in Group Chief Executive, the composition and membership of the Group Executive Committee will remain unchanged, the announcement said.