Martine Dinne, a near-forty year veteran of Brussels-based ICSD Euroclear who rose to become Chief Executive Officer (CEO) of Euroclear Bank and a member of the Management Committee of Euroclear SA/NV, is to retire in June this year.
Euroclear CEO Pierre Francotte paid generous tribute to one of the best-known, best-liked, most knowledgeable and most self-effacing figures in the European securities clearing and settlement industry.
“During her nearly 40-year tenure at Euroclear, Martine has made an incomparable contribution to Euroclear and the securities industry at large,” said Francotte in a statement released today. “Our lives are richer for having worked with her, while the industry will be poorer for losing a professional who has given so much. We wish her continued good health and years of enjoyment after leaving Euroclear.”
Dinne played a central part in the development of the strategy – its locus classicus remains the Beyond G30 document published in 1993 – that placed Euroclear at the forefront of the restructuring of central securities depositories in Europe.
The announcement of her retirement occurs as the European securities industry awaits details of Target2 for Securities (T2S), a proposed nationalization of securities settlement in the euro-zone by the European Central Bank (ECB) that may reduce that strategy to ashes after decades of relentless advance.
The departure of Dinne has prompted some changes elsewhere in the senior management ranks at Euroclear. At an organization where longevity on the Dinne scale is not unusual, the names of the new office-holders are familiar, with one exception.
Euroclear’s new Chief Financial Officer – and new member of the Management Committee of Euroclear SA/NV – will be Andr Rolland, who joins Euroclear from Caisse d’Epargne in Paris, where he was Chief Risk Officer. Rolland’s 33-year career includes roles in financial, asset and liability management, treasury and risk management in companies such as JPMorgan, the original founder and operator of Euroclear, as well as Indosuez, Arthur Andersen and Caisse d’Epargne.
“We warmly welcome Andr as a strong member of the team and look forward to sharing the wealth of experience that he will bring to help us achieve our business goals,” says Francotte.
Rolland replaces Euroclear veteran Frdric Hannequart as Chief Financial Officer of Euroclear SA/NV and Euroclear Bank, who takes on new oversight responsibilities for the Commercial and Product Management divisions, replacing Martine Dinne in this capacity. He will also become Chairman of the Euroclear Bank Board of Directors, replacing Pierre Francotte, and remains a member of the Management Committee of Euroclear SA/NV. Pierre Francotte continues in his role as Chief Executive Officer and Chairman of the Management Committee of Euroclear SA/NV.
Another Euroclear veteran, Yves Poullet, becomes Chief Executive Officer of Euroclear Bank in place of Dinne. He is currently Chief Operating Officer of Euroclear Bank. Having joined Euroclear in 1991, Poullet has held a variety of senior positions in the finance, risk management, corporate strategy, product management and operations divisions, and served as Deputy General Manager of Euroclear France in Paris in 2001 and 2002.
A third Euroclear veteran, Yannic Weber, Managing Director and head of the Commercial Division, will join the Euroclear Bank Management Committee – to “ensure management continuity, particularly for client-related issues,” explains Euroclear in a statement – while retaining his divisional responsibilities.
“In preparation for Martine Dinne’s departure, we are making an orderly transition of responsibilities that will ensure the continued delivery of client-focused, efficient and low-cost securities services,” explains Francotte. “There is an unparalleled pool of talent and experience within the Euroclear group, which helps to manage the transition smoothly while remaining open to strengthen ourselves further with external market talent.”