REFILE-UPDATE 3-Barclays appoints Diamond as chief executive

(Corrects third paragraph, adding dropping word ‘and’)

* Current CEO Varley to step down in March 2011

* Diamond says Barclays faces future with confidence

(Adds further details)

LONDON, Sept 7 (BestGrowthStock) – British bank Barclays (BARC.L: )
has appointed Bob Diamond, the head of its investment and wealth
management business Barclays Capital, as its new group chief
executive to replace current head John Varley next year.

Varley, who took over in 2004, will step down as chief
executive and from the Barclays boards on 31 March, 2011 after
he indicated that he wanted to move on when he turned 55.

As part of the transition Diamond, who turned 59 in July and
has been credited with building Barclays Capital into a major
investment bank since joining Barclays 14 years ago, will become
president and deputy group chief executive next month.

“As a leading global universal bank, Barclays has the right
model, the right strategy, and above all the right people to
deliver for all our stakeholders,” Diamond said in a statement.
“We face the future with confidence.”

Diamond’s long-time lieutenants Jerry del Missier and Rich
Ricci, become from Oct 1 co-chief executives of Barclays
Capital, in addition to being co-chief executives of the
Corporate and Investment Bank.

Diamond, who is currently based in the United States but
will move back to London, will receive a salary of 1.35 million
pounds ($2.07 million) and his annual incentive award
opportunity will be up to 250 percent of his base salary.

The bank said it intended to award a long term,
performance-based share incentive of 500 percent of base salary
in 2011.

Barclays Chairman Marcus Agius said Diamond had a proven
track record and was superbly qualified for the position.

“In making this appointment, the board is consciously
ensuring continuity in management, strategy and our focus on
delivering for customers, clients and shareholders,” he said.
($1=.6511 pounds)
(Reporting by Kate Holton; Editing by Greg Mahlich)

REFILE-UPDATE 3-Barclays appoints Diamond as chief executive