Euroclear, a provider of cross-border and domestic settlement services in Europe, has named Tim Howell as its new CEO, replacing outgoing chief Pierre Francotte. The company has not yet given a precise date for the changeover.
Howell, 49, is currently the global head of HSBC securities services, holding responsibility for the custody, fund administration and corporate trust businesses of the HSBC Group. He has also been group treasurer and head of market risk at the bank.
Howell has been a board member of Euroclear since 2007 and is currently chairman of the board’s risk committee.
“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,” said Howell in a statement. “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.”
“Tim’s experience in managing a successful financial business operating in a number of countries will be of great value to Euroclear in the years ahead,” added Sir Nigel Wicks, chairman, Euroclear. “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.”
Francotte, who steps down from the role after ten years, will continue in his current role for a transition period once Howell joins the company, after which he plans to pursue other interests both within and outside the financial industry.