James P. Donovan has resigned as the head of the Securities Industry Division (SID) at SWIFT, the industry-owned co-operative that supplies messaging services and interface software to financial institutions around the world.
Kara Condon, spokesperson for SWIFT, said Donovan’s resignation was his “personal decision” and that there was “no big drama” involved.
She said the resignation “was not a direct implication” of the organization’s announcement in February that its CEO, Leonard Schrank, would be stepping down. Lzaro Campos will replace Schrank this month.
“When there’s a new CEO, there’s change,” though, Condon said.
Jay Martin will serve as the acting head of SID in Donovan’s place. Martin has worked in the New York office of SWIFT since October, when he was appointed managing director of investor relations.
Donovan worked for SWIFT since June of 2005. Before that he held numerous top positions at Citibank in the U.S.
During his tenure at SWIFT, Donovan redeveloped its securities industry strategy. He recruited key senior securities industry professionals to run the new business segments and guided SWIFT into new product areas involving alternative investments.
“We greatly appreciate all that he has done for SWIFT during his nearly two years with us and we wish him every success for the future,” the company wrote in a press release.