Pierre Francotte has decided to stand down as Chief Executive Officer of Euroclear in early 2010, after ten years as Chief Executive of Euroclear.
According to industry sources, he will not be seeking a position as an executive in the financial services sector.
Commenting on his decision to leave Euroclear, Pierre Francotte said: Euroclear is an exceptionally strong and successful company, which has continuously contributed to the safety and soundness of the financial markets, to the development of the global securities markets and to the creation of a low-cost, low-risk post-trade environment for the benefit of issuers and investors. It has been a true privilege for me to be at its helm for close to a decade. I personally believe that ten years is the maximum length of time for a CEO to be leading this company and that it is a practice of good corporate governance to now pass the baton.