Following the reshuffle at its subsidiary Xtrakter last month and the impending departure of its incumbent CEO Pierre Francotte, clearing and settlement services giant Euroclear is set for more change and has announced that HSBC’s Tim Howell will be taking the top slot in the near future. Francotte, who has been at the helm of the international central securities depositary (ICSD) for the last 10 years, will work with Howell over the next few months as he settles into his new role.
Howell is currently the global head of HSBC securities services, where he is responsible for HSBC’s custody, fund administration and corporate trust business. He is well versed in the world of the ICSD and has been a member of the Euroclear board since 2007 and is chairman of its risk committee. Given the intense focus on risk management and mitigation in the current market, the experience of the latter should prove invaluable for his role to come.
Francotte will therefore remain in his current position for the next few months to ensure a smooth transition and a date has not yet been set for when Howell will assume the reins on his own.
According to Euroclear chairman Nigel Wicks, the decision to appoint Howell was unanimous: “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.”