Euroclear Belgium, Euroclear France and Euroclear Nederland will be managed, as of 1 February, by a harmonised top management team.
As these three central securities depositories (CSDs) now share a single transaction-processing solution, with the recent launch of the ESES platform (Euroclear Settlement of Euronext-zone Securities), a more integrated, harmonised Board and management structure will help to ensure delivery of the new platform's extensive benefits to clients. Ignace R. Combes will continue as Chairman of the Board when the new composition of the Boards takes effect in March 2009.
Pierre Slechten, currently Chief Executive Officer of Euroclear France, will become Chief Executive Officer of the three ESES-market CSDs. Guy Schuermans, currently Chief Executive Officer of Euroclear Nederland, will be a Managing Director at Euroclear SA/NV, in charge of a cross-divisional team responsible for cost management across the Euroclear group, reporting to André Rolland, Chief Financial Officer. Stéphane Bernard, currently Chief Executive Officer of Euroclear Belgium, will become Chief Operating Officer for the three ESES-market CSDs, reporting to Pierre Slechten.
Different local management teams will continue to exist at each of the three CSDs, headed by the same Chief Executive Officer, Pierre Slechten. An 'ESES Coordination College', comprising a cross-section of local CSD management team members, will be created to assess cross-market issues and coordinate decision-making by each local management team. Pierre Slechten will also serve as Chairman of the College.
Pierre Francotte, Chief Executive Officer of Euroclear SA/NV, the parent company of all Euroclear group international and national CSDs, said: "This restructuring of our Belgian, Dutch and French CSD Boards and management teams will allow us to manage our business coherently and even more efficiently as a single domestic service across the three markets. It will also permit us to optimise further the client benefits of the ESES platform."