Andreas Wolf will step down from Clearstream Banking Frankfurt as CEO and as a member of the Executive Board of Clearstream International on December 31, 2011 in order to pursue new activities. Stefan Lepp, who has been responsible for Clearstreams Global Securities Financing business area and has been a member of executive board at Clearstream Banking since 2006, will take over from him as CEO in addition to his current responsibilities.
Wolf joined Clearstream in 2000 and held various management positions, including COO (2007-2010) and head of Project Management and Business Strategy (since summer 2010). He was appointed to the Executive Board of Clearstream Banking in 2003 and became CEO in 2007. He also serves as vice chairman of the European Central Securities Depositories Association (ECSDA). Before joining, Wolf spent 11 years with Commerzbank in Frankfurt.
The reasons for Wolfs departure are not known. However, it is understood they are not related to the merger of Deutsche Bourse and NYSE Euronext or T2S, where delays to the new settlement timeframe have led key securities services industry figures, including Wolf, to comment extensively on whether it will actually happen.
Lepp has been with Clearstream for seven years. It addition to his responsibilities mentioned above, he is also an Executive Board member at Clearstream International and at Clearstream Banking Luxembourg. Before his move to Clearstream in 2004, Lepp was responsible for sales and business relationships, product management and marketing in Dresdner Banks custody business area.
Reto Francioni, CEO of Deutsche Brse AG, said: I very much regret the departure of Andreas Wolf, who has been an integral part of Deutsche Bourse Groups management team. He has given decisive impetus to numerous developments in the post-trading area for the German and international markets. I would like to thank Andreas Wolf for his excellent contribution to the success of our company and wish him all the best for the future.
Jeffrey Tessler, CEO of Clearstream International, said: I would like to thank Andreas Wolf for his constant commitment to Clearstream. In his 12 years of service in various management positions, he has made a major contribution to the development and success of the company. I welcome Stefan Lepp to his additional role as CEO of Clearstream Banking AG. With his outstanding knowledge of the German domestic market and the international post-trading environment, he will take our German central securities depository forward.
(JDC)