.jpg)
Ian Strachan is appointed to succeed him as non-executive Chairman effective January 2003.
Mr. Villeneuve, 58, has chaired Instinet since 1990, and transferred to New York from London in 1999 as full-time Executive Chairman. "Now that Instinet's merger with Island has been completed, the company is in capable hands with a clear strategic direction. After 12 years as Chairman it is time for a change. Ian Strachan has been closely associated with Instinet for a while and has been an outstanding board member. I wish him and the new team every success," said Mr. Villeneuve.
"I have greatly enjoyed working with Andre on the Instinet Board over the past two years and at Reuters before then. His keen judgment, knowledge of international financial markets and collegiality has brought great benefit to these businesses," said Tom Glocer, CEO of Reuters and lead director of Instinet.
Ian Strachan has served on the Instinet Board since September 5, 2000 and is currently Chairman of the Audit and Compensation Committees. Mr. Strachan has been a director of Instinet's parent company, Reuters Group PLC since May 2000. Mr. Strachan served as Deputy Chairman of Invensys plc from 1999 to 2000. He is a non-executive director of Transocean Sedco Forex Inc., Harsco Corporation, Johnson Matthey plc and Xstrata plc.
