The board changes announced at LCH.Clearnet today signify the difficulties the merged London and Paris CCPs have experienced in delivering the new products and services promised at the time of the deal.
The appointment as chairman of Chris Tupker, the outgoing chairman of Euroclear, will also be seen as drawing LCH.Clearnet even closer to the strategy and ambitions of Greater Euroclear, though the ultimate impact on the company of a successful merger between Euronext and the New York Stock Exchange has yet to become clear.
David Hardy has resigned as CEO of LCH.Clearnet, after 19 years with the company and its predecessor, LCH. Christophe Hmon and Patrick Birley, the CEOs of LCH.Clearnet SA and LCH.Clearnet Limited respectively, will run the day to day business of the two operating entities while a search takes place for a new Group CEO.
Following the announcement in May that the LCH.Clearnet chairman Grard de La Martinire wanted to stand down, the company also announced today that Chris Tupker, who is stepping down as chairman of Euroclear, had agreed to take the job from 10 July.
Herv Saint-Sauveur, who has been a director of LCH.Clearnet Group Ltd since its creation in December 2003, and currently adviser to the Chairman of Socit Gnrale, has been appointed Vice Chairman. He will also take over as chairman of the Audit Committee.