British banking group Barclays announced a boardroom reshuffle today that saw finance director Mr John Varley getting the post of chief executive from December 2004.
Barclays said current chief executive Mr Matthew Barrett would become chairman, replacing Mr Peter Middleton, who will retire.
Barclays said the changes represented a smooth transition of leadership, and analysts noted that Mr Varley had been the clear front-runner.
Mr Varley represents what many will regard as a safe choice, but his critics point to a mixed record while he was in charge of the bank's retail business.
Mr Barrett, who was born in Ireland, joined Barclays from Bank of Montreal, and during his four years in charge he is credited with restoring self-confidence to the group.