Stephan Wolf, CEO of the Global Legal Entity Identifier Foundation (GLEIF), will step down from the role on 24 June 2024 after a decade of leading the foundation from its start-up phase to the growing organisation it is today.
In a post on LinkedIn, Wolf writes: “After a decade of incredible experiences and achievements, I have decided not to seek another term as CEO. The decision to step down comes with a sense of fulfillment and confidence in the exceptional team we’ve built. Our board of directors and I have carefully considered this transition, and we believe it aligns with the successful maturation of GLEIF.” He adds: “Rest assured, my commitment to the cause of Legal Entity Identifiers (LEIs) remains unwavering.”
The selection of a new CEO is the sole responsibility of the board of directors, which has started the process of identifying and engaging a new CEO. The board expects the process will be concluded within the next few months.During his tenure as CEO, Wolf has determinedly promoted adoption of the LEI across and beyond capital markets. On his watch, the value of the identifier, which uniquely identifies a legally distinct entity that engages in a financial transaction, has been proven in regulatory reporting, Know Your Customer and client onboarding, and sanctions and Anti-Money Laundering screening.
Its adoption and use have been eased by the implementation of validation agents, essentially banks and financial institutions that obtain an LEI for clients as they are onboarded or during a client refresh, and an ongoing programme of collaboration with data vendors that include the LEI in their feeds, and mapping services to other widely used identifiers such as the ISIN, BIC and MIC.
As well as these and more initiatives to encourage use of the LEI, Wolf notes the potential of the digital or verifiable LEI (vLEI) to open new possibilities and avenues for growth.
He concludes: “As we enter 2024, GLEIF stands strong, and our teams are fully committed to navigating the exciting opportunities ahead. Looking forward, we see tremendous potential in the upcoming phases of LEI adoption. Initiatives such as LEIs in cross-border payments, the US Financial Data Transparency Act, and the integration of LEIs/vLEIs in international trade and supply chains present exciting prospects. The team is steadfast in its commitment to capitalise on these opportunities and drive further success.”
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