NEW YORK (CNNMoney.com) -- British-based Barclays PLC announced Tuesday that American-born executive Robert E. Diamond Jr. will replace John Varley as chief executive officer of the global banking company next year.
Diamond is currently the president of Barclays PLC and head of the company's Corporate and Investment Banking and Wealth Management division. Beginning Oct. 1, will take the helm at Barclays effective March 31. Barclays said that, beginning Oct. 1, he will serve as president and deputy group chief executive until he succeeds Varley six months later.
After stepping down as CEO, Varley will serve as senior adviser on regulatory issues to Diamond and the board until next September. He has been CEO of the company since September, 2004.
Barclays' (BCS) stock price fell more than 5% in pre-market trading.
Diamond has been a member of the board since 2005, and has been working at the company since 1996.
As of Jan. 1, Diamond's salary will increase to $2.07 million and his annual bonus could be up to 250% of that amount, according to Barclays. 
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