The SWIFT Chairman and Board of Directors following its meeting on 16 February announced today that LÃ¡zaro Campos, currently SWIFT Executive Committee member and Head of the Banking Industry Division, will succeed Leonard H. Schrank as Chief Executive Officer effective 23 April 2007. Leonard H. Schrank will step down after 15 years as SWIFTâs longest serving CEO.
LÃ¡zaro Campos joined SWIFT in 1987. He has served in his current position since 2003. In 2000, Campos was promoted to the Executive Committee and Head of Marketing. He has over 20 years of experience in international banking and financial services having held a number of commercial and product posts across SWIFT including market infrastructure projects, Product Management, Education and Standards. Before joining SWIFT, Campos served in the international division of Banc Agricol. He is 43, Spanish and based in Belgium since 1987.
In early 2005, it was announced the Board had signed a final three year contract extension with Leonard H. Schrank and that a succession process would be launched with a nomination committee composed of Yawar Shah, Chairman of the SWIFT Board, Stephan Zimmermann, Deputy Chairman and head of the nomination committee and Wolfgang Gaertner, Director. The formal succession process was launched in 2006 including both an extensive external search and internal candidates. On 16 February 2007, the Board approved the recommendation of the nomination committee to appoint LÃ¡zaro Campos as CEO of SWIFT. A two-month transition process will ensure a smooth handover.
Commenting on the announcement, Yawar Shah, Chairman of the Board said: âLÃ¡zaroâs appointment as the next CEO of SWIFT is a clear indication of the Board's view on the future direction of SWIFT. His 20 years of service at SWIFT and market expertise will ensure continuity as SWIFT implements its 2010 strategy and keeps its focus on its customers and its cooperative franchise.â
Leonard H. Schrank welcomed the appointment of his successor. âLÃ¡zaro has the vast experience, community backing and the commitment to take SWIFT forward. The most important decisions of a Board are choosing its CEO and choosing his successor. I think the Board has done a great job on both counts! Iâm thrilled with the Boardâs decision. SWIFT is in good hands with LÃ¡zaro.â
LÃ¡zaro Campos acknowledged the transformation Leonard Schrank has made to SWIFT during his 15 year tenure as CEO: âa five-fold increase in message traffic, an 80% reduction of prices, the opening up of the securities market, bringing on over 100 market infrastructures, and a new corporate to bank market segment. Under Lenny, the new IP-based platform, SWIFTNet, was launched, and our company-wide resilience culture of âFailure is Not an Optionâ was instilled.â
LÃ¡zaro Campos added, âItâs a great honor and privilege to have been selected. I thank the Board for its confidence. We have a great company and Iâm excited by all the challenges ahead. We have great momentum going forward, but we canât be complacent.â