LCH.Clearnet names Roger Liddell group CEO

LCH.Clearnet names Roger Liddell group CEO

European clearing house LCH.Clearnet has appointed Roger Liddell as group chief executive, replacing David Hardy who quit earlier this month.

Liddell, 49, has been a non-executive director of LCH.Clearnet for the past year. He has in the past served as a director of Euroclear.

He was formerly at Goldman Sachs where he was head of global operations, responsible for the operational support of all of Goldman's businesses worldwide.

Liddell replaces Hardy who led the company for 19 years. Hardy's departure comes three years after LCH.Clearnet was formed following the merger between London Clearing House and Paris-based Clearnet.

Hardy quit earlier this month after disputes with the board over the pace of a technology initiative aimed at integrating disparate clearing platforms within the company.

Last year LCH.Clearnet was forced to write-off EUR20.1m in technology costs for the integration project. The merger of the systems was intended to cut clearing costs for customers.

Commenting on Liddell's appointment, Chris Tupker, chairman, LCH.Clearnet Group, says: "The board is delighted to have found someone of Roger's wide experience as a user of post-trade services to lead the company at this critical juncture in its development.

"Whilst the company's day to day operations have continued to perform to a high standard, it has fallen behind in its integration plans following the merger in 2003, and must re-think its IT strategy for the future."

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