International central securities depository (ICSD) Euroclear has certainly had its fair share of people moves this year, with the departure of a number of its Xtrakter subsidiary execs earlier this year and the upcoming addition of ex-BNP Paribas Fortis exec Lieve Mostrey as chief technology and services officer at the start of next month. Following a management reshuffle, next out the door is ex-Euroclear UK & Ireland chairman Tim May, who also currently acts as the ICSD’s chief administrative officer and chairman of Xtrakter, as the firm seeks to cut costs and streamline its management team.
The ICSD indicates that it has conducted a strategic rethink about its management committee and decided to reduce the number of execs sitting on the board down to five. In light of May’s impending departure, Frédéric Hannequart will take on his role as chief administrative officer in addition to Hannequart’s responsibilities as chairman of Euroclear Bank, Euroclear Finland, Euroclear Sweden. Bernard Frenay, managing director and head of the Euroclear Financial Division, will replace May as chairman of Trax operator Xtrakter, which Euroclear acquired in May 2009.
According to Euroclear’s CEO Tim Howell, Euroclear the ICSD will benefit from the “leaner” management team, an oblique reference perhaps to the fact that, like network operator Swift, it has also been going through a “lean” exercise over the last year or so.
Reference Data Review last spoke to May back in September last year, at which point he elaborated on the potential of Xtrakter in the reference data space, and in July about the ICSD’s fund processing initiative for risk reduction.