The International Swaps and Derivatives Association (ISDA) has appointed Robert Pickel as CEO, effective Jan. 1, 2012. He will replace current CEO Conrad Voldstad, who will continue to work with ISDA as a special adviser assisting on strategic initiatives.
Pickel was CEO of ISDA from 2001 until Voldstads appointment in November 2009, and since then has served as the associations executive vice chairman. It is unclear why Voldstad has stepped down.
Connie Voldstad is an industry pioneer, and the board and I are grateful for his tremendous contributions to ISDA and the OTC derivatives markets, says Stephen OConnor of Morgan Stanley, who is ISDA’s chairman and managing director. The board looks forward to working with Bob Pickel as ISDAs CEO. Bobs appointment, together with George Handjinicolaous recent selection as head of Europe and deputy CEO, and Connies role as special adviser, provide ISDA with a very strong management team. ISDA is well positioned to navigate the challenges of the next few years as we work to foster safe and efficient derivatives markets for all users of derivative products and move forward through a period of unprecedented regulatory reform.
ISDA is the global trade association for OTC derivatives, and has been particularly active recently as Dodd-Frank in the US sets out to push most traditionally over-the-counter derivatives through clearing houses. ISDA is largely supportive of the legislation.
ISDA has a terrific history of working on behalf of the OTC derivatives markets and its contributions are unequalled among trade associations globally, Voldstad says. I have been delighted to partner with Bob Pickel to address the key issues facing our markets. We have clearly made important strides and I am certain that Bob is the right person to lead the Association forward as it makes further progress toward its key goals.
One of the OTC derivatives industrys most recognized figures, Pickel served as ISDAs general counsel before being appointed CEO for the first time in 2001. Prior to joining ISDA, he was assistant general counsel at Amerada Hess Corporation and an associate with Cravath, Swaine & Moore in New York and London. He graduated from Williams College and received his law degree from New York University.
Connie has been an ideal leader of ISDA, Pickel says. I have enjoyed working with him and I look forward to his continued contributions. ISDA faces a number of opportunities and challenges ahead. Our focus is on addressing these issues and fulfilling our mandate by supporting derivatives markets across asset classes, geographies, and trading and clearing environments. To do this, we will continue to reach out to all types of market participants around the world.
(CG)