Patricia Dunn will become a non-executive vice-chairman of the group and step down as chief executive in order to concentrate on her battle with cancer.
American born Ms Dunn joined the company 25 years ago and was previously an independent director of Hewlett-Packard. She was a supporter of HP chief Carly Fiorina in her recent successful bid to merge with rival Compaq.
Dunn will be replaced at the helm of Barclays Global Investors by Blake Grossman and Andrew Skirton, who will become joint global chief executives.
The Financial Times reports that the head of Barclays Global Investors is to step down as boss for health reasons.
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