For immediate release 2010-MR-01
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Tim Howell to become Euroclear’s Chief Executive Officer Brussels, 5 January 2010 – The Euroclear Board announces today that Tim Howell has accepted the Board’s proposal to become Chief Executive Officer (CEO) of Euroclear SA/NV, replacing Pierre Francotte, who announced his decision last June to step down as CEO after ten years in this role. Tim Howell, 49, is currently the Global Head of HSBC Securities Services, where he is responsible for the custody, fund administration and corporate trust businesses of the HSBC Group. Previously, he was Group Treasurer, responsible for asset and liability management, and Head of Market Risk. He is a Chartered Accountant, having qualified with Arthur Andersen & Co. Tim Howell has been a Board member of Euroclear SA/NV since 2007 and is also the current Chairman of the Board’s Risk Committee. Sir Nigel Wicks, Euroclear Chairman, said: “After a thorough and comprehensive search to identify the candidate best suited to serve as Euroclear’s new CEO, the Board is unanimous in its decision to choose Tim Howell. Tim’s broad experience in the financial markets provides the right qualifications to carry the Euroclear group forward. His experience in managing a successful financial business operating in a number of countries will be of great value to Euroclear in the years ahead. The Board is confident that he will provide the leadership for Euroclear to meet the challenges and opportunities across the global capital markets at this time of rapid change. The Board of Euroclear looks forward to working closely with Tim in delivering further value to the Euroclear group’s shareholders and clients.” Commenting on his decision, Tim Howell, said: “There are few organisations that have the clarity of vision, depth of management and staff expertise, Board representation and market trust that Euroclear has developed over the years. I am truly excited to be joining an organisation that has so many excellent qualities. I intend to put them to good use in helping Euroclear’s clients find the answer to their future post-trade service needs at Euroclear. I relish the new professional challenges ahead and sincerely appreciate the confidence that the Euroclear Board has with me.” continued
© 2010 Euroclear SA/NV, 1 Boulevard du Roi Albert II, 1210 Brussels, Belgium – Tel: +32 (0)2 326 1211 – www.euroclear.com RPM Brussels number 0423 747 369 – Euroclear is the marketing name for the Euroclear System, Euroclear plc, Euroclear SA/NV and their affiliates.
Media Release (continued)
Pierre Francotte intends to continue in his current role, to ensure a smooth transition, until Tim Howell joins Euroclear on a date to be defined. Pierre Francotte commented: “I congratulate Tim on his appointment and wish him success in leading Euroclear to a great future. Euroclear has become a pillar of stability and innovation in the financial industry. We have accomplished much, but more remains to be done. I am confident that Tim will help develop the company even further, with the help of its exceptionally talented management team and staff, and the support of its high-calibre Board of Directors. After ten years at the helm of Euroclear, I am closing this chapter in my professional life with a sense of gratitude to all my colleagues for the excellence they have given to Euroclear all these years. I look forward to a new chapter, pursuing other, non-executive interests in several different domains, both within and outside the financial industry.”
Note to editors Euroclear is the world’s 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 the international central securities depository Euroclear Bank, based in Brussels, as well as the national central securities depositories (CSDs) Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. Euroclear also owns EMXCo, a leading provider of investment-fund order routing in the UK, and Xtrakter, owner of the TRAX trade matching and reporting system. In 2008, the Euroclear group settled more than EUR 560 trillion in securities transactions, representing 157 million domestic and crossborder transactions, and held more than EUR 18 trillion in assets for clients. Euroclear Bank is rated AA+ by Standard & Poor’s and Fitch Ratings.