Effective 1 September, Tim May, currently Chief Executive Officer of Euroclear UK & Ireland (EUI), will become Chairman of EUI, while retaining his current roles as Executive Director of Euroclear SA/NV at group level and Chairman of EMXCo. Tim May will replace Pierre Francotte as EUI Chairman. Yannic Weber, currently Managing Director and head of the Commercial Division at Euroclear SA/NV will become Chief Executive Officer of EUI. Tim May joined Euroclear in 2004 from Gerrard, the UK private client wealth management company; Yannic Weber joined Euroclear in 1983 and has held a variety of positions at JP Morgan and Euroclear throughout his career.
Pierre Yves Goemans, currently Managing Director and head of Product Management at Euroclear SA/NV, will become head of the Commercial Division, replacing Yannic Weber. Jo Van de Velde, currently Director and head of Transaction Processing Operations for Euroclear Bank, will replace Pierre Yves Goemans as head of the Product Management Division and will be promoted to Managing Director and a member of the Group Management Team. Pierre Yves Goemans joined Euroclear in 2005 from INVESCO; Jo Van de Velde joined Euroclear in 1993 and has since taken on different roles within the organisation.
Joining Euroclear SA/NV from A.T. Kearney on 18 August, Thierry Faut will become Managing Director and head of the Corporate Strategy & Public Affairs Division and a member of the Group Management Team. Ignace Combes, Deputy Chief Executive Officer of Euroclear SA/NV, has been managing this division on an interim basis since previously announced organisation changes were implemented in November 2007. Currently Vice President and a Partner at A.T. Kearney, Thierry Faut has been working as a consultant to Euroclear and other organisations on a wide range of projects and assignments after joining A.T. Kearney in 2000. Previously, he had held executive management positions at Credit Professionel Bank and other firms in the financial and economic sectors.
Commenting on Euroclearâs senior management changes, Pierre Francotte, Chief Executive Officer of Euroclear SA/NV, said: âThe latest organisational changes within the Euroclear group will further strengthen our senior management team. It reflects the deep pool of talent we have within the Euroclear group and our desire to continue reinforcing our teams with external market skills.â
âWe congratulate those colleagues who are being promoted within the firm. We have confidence in their individual leadership skills and strong sense of teamwork to deliver Euroclearâs client-focused business objectives. We also welcome Thierry Faut in his new role at Euroclear. We believe that he will be able to quickly leverage his years of consultancy work at Euroclear and elsewhere to identify product and service opportunities within Euroclearâs areas of expertise that will address new and emerging client needs.â
Euroclear is the worldâs largest provider of domestic and cross-border settlement and related services for bond, equity, derivatives and fund transactions. User owned and user governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear Belgium, Euroclear France, Euroclear Nederland and Euroclear UK & Ireland. Euroclear also owns EMXCo, the UKâs leading provider of investment-fund order routing.
Euroclear has signed an agreement to acquire NCSD, comprising the Finnish and Swedish central securities depositories. The total value of securities transactions settled by the Euroclear group in 2007 was in excess of EUR 560 trillion per annum, while assets held for clients were valued at more than EUR 19 trillion. Euroclear Bank is rated AA+ by Standard & Poorâs and Fitch Ratings.