Mr. Puth, who was also named CEO of CLS Bank International, is scheduled to begin on August 21, 2012.

Mr. Puth's career spans more than three decades in financial markets, including 19 years at J.P. Morgan where he served in a variety of senior global leadership roles, including oversight of the firm's FX, interest rate derivatives, commodities, and emerging markets businesses. In addition, Mr. Puth served as a member of JPMorgan Chase's Executive Committee.

After leaving J.P. Morgan in 2007, Mr. Puth founded The Eriska Group, a New York-based risk management consulting organization.

Most recently, Mr. Puth worked at State Street Corp. from 2008 to 2011, where he was Executive Vice President and Head of Global Markets. In this role he was responsible for sales, trading, and investment research across multiple asset classes, including FX, and for Currenex, the firm's leading electronic FX brokerage business. Mr. Puth also served on State Street's Management Committee.

"As the pace of regulatory and industry change in the FX market continues to accelerate, the CLS Board is convinced that David is the right choice for our firm," said Gerard Hartsink, CLS' interim Executive Chairman. "With his vision and experience, the Board believes that David is uniquely qualified to lead CLS through this challenging period in the FX industry."

Mr. Puth said: "Joining CLS is a natural next step for me. I am eager to join my CLS colleagues in delivering the next stage of CLS' strategy, during one of the most critical times for financial markets."

Upon assuming his new position, Mr. Puth will be responsible for the day-to-day operations and management of CLS. At the Board's request, Mr. Hartsink will support Mr. Puth for a brief transitional period before returning to his position as Non-Executive Chairman.

Throughout his career, Mr. Puth has served on industry committees, as well as corporate and not-for-profit boards.
He was a member of the Foreign Exchangee Committee, sponsored by the Federal Reserve Bank of New York, which he chaired from 1999 to 2002. Mr. Puth also served on the Board of Directors of both CME Group and ICAP.

Mr. Puth has long served on the board of the Robin Hood Foundation in New York and the Institute for Global Leadership at Tufts University. He also serves on the Board of Trustees of the Berkshire School and the Institute for Contemporary Art in Boston.