Roger Liddell has informed the Board of his intention to retire from his role as chief executive of LCH.Clearnet Group Limited and its subsidiary company LCH.Clearnet Ltd in July 2011, after five years with the group.
During his time with LCH.Clearnet, Roger has overseen some important developments, including the successful realignment of the shareholder base and the establishment of the company as the global leader in OTC clearing. Its strong franchise in clearing interest rate swaps and fixed income is the basis for the expansion into other OTC asset classes, such as CDS and FX, expected to launch in 2011. The first phase of the CDS service, which went live in March 2010, is anticipated to be followed by a second phase which will include wider participation and a broadened product offering. In addition, the company's expertise in metals and commodities is enabling it to benefit from the continued growth in Asia.
Jacques Aigrain, Chairman, LCH.Clearnet said: "Roger has turned the business around and has created a clearing house for the future. The company is now well positioned to benefit from the anticipated growth in OTC clearing and to leverage its position as a global leader.
"Roger has led the firm at a critically important time; LCH.Clearnet's resolution of Lehman's $10 trillion default and the successful performance of cleared markets, even at times of extreme market turbulence, have resulted in unprecedented regulatory focus and a growth in responsibility for clearing houses."
The Chairman will undertake the search for the new CEO with the support of the Board and Nomination Committee. In due course, the Board will appoint the new CEO on the Chairman's recommendation.