Brussels-based depository Euroclear has appointed HSBC veteran Tim Howell chief executive officer, replacing Pierre Francotte who is quitting after 10 years in the role.
Howell is currently the global head of HSBC Securities Services, responsible for the custody, fund administration and corporate trust businesses of the bank. Previously, he acted as group treasurer, in charge of asset and liability management, and head of market risk.
The new CEO, who is a chartered accountant, has been a board member of Euroclear since 2007 and is also the current chairman of its risk committee.
Francotte - who revealed his plan to quit in June - will stay on in the role until Howell's arrival, with no handover date yet set.
Nigel Wicks, chairman, Euroclear, says: "Tim's broad experience in the financial markets provides the right qualifications to carry the Euroclear group forward. His experience in managing a successful financial business operating in a number of countries will be of great value to Euroclear in the years ahead."