Following the arrival of Lieve Mostrey from BNP Paribas Fortis on 1 October as Chief Technology and Services Officer and a member of the Euroclear Management Committee, the allocation of responsibilities among Euroclear Management Committee members has been reviewed.
The duties of Chief Administrative Officer, currently performed by Tim May, will be re-allocated, thereby reducing the number of Management Committee members to five. It will be proposed at the next Euroclear Board meeting at the end of September that Tim May leave Euroclear with effect from 31 October 2010.
Replacing Tim May as Chairman of Euroclear UK & Ireland, Frédéric Hannequart will take on this role in addition to his responsibilities as Chairman of Euroclear Bank, Euroclear Finland, Euroclear Sweden, and as a member of the Euroclear Management Committee. Bernard Frenay, Managing Director and head of the Euroclear Financial Division, will replace Tim May as Chairman of Xtrakter Ltd, which Euroclear acquired in May 2009.
Tim Howell, Euroclear's Chief Executive Officer, said: "We look forward to reinforcing Euroclear's reputation as the pre-eminent post-trade service provider under the leaner, reorganised Management Committee's leadership. Combining the extraordinary pool of skills and experience within the Euroclear group with external market talents, will further strengthen the organisation. We thank Tim May for his contributions to the Euroclear group and to our operations in the UK specifically. We wish him success in the future."