Iain Saville is quitting his post as chief executive of UK securities depository CrestCo to take up a new role as a main board director at share registry Computershare. Hugh Simpson, CrestCo business development director has been appointed acting CEO.
In his new position, Saville will be the European managing director for Computershare's new European management structure. He will remain available to CrestCo for a period to assist with the transition.
Saville has been at Crest since its inception. He was initially drafted in from the Bank of England to clear up the mess left after the collapse of the London Stock Exchange's ambitious Taurus settlement project.
Sir Nigel Wicks, the chairman of CrestCo paid tribute to Saville's contribution: "Iain has been Crest's leader for the last eight years, during which period he has presided over the development of a world-leading settlement infrastructure based in London. He has also been a major force in stimulating open debate on the future structure of European markets. CrestCo will miss him greatly."
He says CrestCo intends to undertake a formal recruitment process for the post of chief executive over the months ahead; both internal and external candidates will be considered.
In the interim, Saville's boots will be filled by Hugh Simpson, another former BofE man and a key member of the team which designed, built and operated the Crest settlement system. Saville describes Simpson as "the right man to take Crest to the next stage in its development".
As part of the reshuffle, David Wyatt, another long-serving member of the Crest team and currently development director, has been appointed as an executive director of CrestCo.