James Donovan has resigned from his position as head of the securities industry division at financial messaging network Swift.
Donovan's decision to exit from Swift coincides with the arrival of Lazaro Campos as chief executive officer. Campos takes over the reigns from outgoing CEO Lenny Schrank later this month following a two-month hand-over.
Donovan's decision to quit his post after two years in the role came as a surprise. He had just completed a major restructuring of the securities industry division at the Brussels-based co-operative amid concerns that Swift's efforts to penetrate the market had stalled. The overhaul has entailed the creation of six new sub-divisions to cater for the needs of distinct industry segments, and the recruitment of top people from within the industry to head up the units.
Speaking to Finextra, CEO Schrank says that Donovan's decision to hand in his notice has no bearing on Swift's ambitions in the securities arena. "Everything that is in progress is going to continue. There will be no let up in our iniatives."
He says the timing was right for Donovan - having completed the overhaul of the division - and right for Swift, with a new CEO ready to take over the helm.
Swift has appointed Jay Martin, one of Donovan's recent recruits as head of the Custodian segment, as acting head of securities. Martin joined Swift in October 2006 from The Bank of New York where he was managing director in investor services and has more than 18 years of securities industry experience.