Euroclear plans senior management reorganisation
27 September 2010 Brussels
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."
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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