Jacques Aigrain, former CEO of insurer Swiss Re, has been appointed Chairman of LCH.Clearnet. Aigrain replaces Chris Tucker, who announced he was stepping down in September 2009.
Aigrain, a former JPMorgan investment banker, joined Swiss Re as head of financial services in 2001, and rose to CEO in 2006. However Aigrain was generally seen as responsible for Swiss Re’s disastrous foray into investment banking and credit default swaps, resulting in a 1.75 billion Swiss franc loss in Q4 2008 and Aigrain’s eventual departure in February 2009.
Tupker, commenting on the LCH.Clearnet appointment, said: Jacques wealth of experience in the financial sector will be a great asset to the company and the markets it serves as LCH.Clearnet continues to work with its users to develop its leading position in clearing markets internationally. My four years at LCH.Clearnet have been both exciting and challenging. Last years capital restructuring was the final step in a three year programme to align ownership and usership more closely and the group is now positioned well for the future.
Aigrain will be based in London and start work on the 6 April 2010. He was also recently appointed as an independent non-executive director to the board of Resolution Ltd.
Aigrain has dual Swiss-French citizenship, received a PhD in economics in 1981 from the Sorbonne and a masters degree in economics from Dauphine University.