Euroclear plans senior management reorganisation

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Euroclear plans senior management reorganisation
27 September 2010 Brussels
Reporter: Justin Lawson

Image: Shutterstock

Following the arrival of Lieve Mostrey from BNP Paribas

Fortis on 1 October as Chief Technology and Services

Officer and a member of the Euroclear Management

Committee, the allocation of responsibilities among

Euroclear Management Committee members has been reviewed.

The duties of Chief Administrative Officer, currently

performed by Tim May, will be re-allocated, thereby

reducing the number of Management Committee members to

five. It will be proposed at the next Euroclear Board

meeting at the end of September that Tim May leave

Euroclear with effect from 31 October 2010.

Replacing Tim May as Chairman of Euroclear UK & Ireland,

Frederic Hannequart will take on this role in addition to

his responsibilities as Chairman of Euroclear Bank,

Euroclear Finland, Euroclear Sweden, and as a member of

the Euroclear Management Committee. Bernard Frenay,

Managing Director and head of the Euroclear Financial

Division, will replace Tim May as Chairman of Xtrakter

Ltd, which Euroclear acquired in May 2009.

Tim Howell, Euroclear's Chief Executive Officer, said: "We

look forward to reinforcing Euroclear's reputation as the

pre-eminent post-trade service provider under the leaner,

reorganised Management Committee's leadership. Combining

the extraordinary pool of skills and experience within the

Euroclear group with external market talents, will further

strengthen the organisation. We thank Tim May for his

contributions to the Euroclear group and to our operations

in the UK specifically. We wish him success in the

future."

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