Tim May is currently a Board member of both Euroclear Bank and Euroclear plc, and a former Board member of CRESTCo. For the past 10 of his 23 years in the financial sector, Tim has been actively involved in securities settlement developments across the UK, including the implementation of a CREST test site at Carr Sheppards, one of the UK's leading private-client stockbrokers. Tim is also a Board member of the Association of Private Client Investment Managers and Stockbrokers (APCIMS).
Hugh Simpson has been Chief Executive of CRESTCo since November 2002 (having been acting CEO from January 2002). He was a member of the Management Committee and a member of the Board of Euroclear Bank since October 2002. Hugh's departure follows the successful merger of CRESTCo with Euroclear, which created Europe's premier securities settlement system, and the subsequent integration of CRESTCo with the rest of the Euroclear group.
Hugh will be continuing to undertake his duties for a period to allow a smooth transition.
Pierre Francotte, Chief Executive Office of Euroclear Bank, commented: "We warmly welcome Tim as a strong member of the team and look forward to sharing the wealth of knowledge that he will bring to help us achieve our business goals. Hugh is one of the creators of the vision that inspired the merger between CRESTCo and Euroclear Bank. He successfully led CRESTCo through the merger and has contributed significantly to the development of the new Euroclear group. He leaves CRESTCo at the peak of its performance."
Hugh Simpson said, "It has been a tremendous privilege for me to lead CREST through this crucial period in its history. Following the merger, the integration of CREST and Euroclear has largely been achieved and the group is well launched on its mission to develop a modern securities infrastructure for Europe. While I continue to support this vision, I feel that I have achieved what I set out to do and this is the right time to hand over to someone else to take CREST forward."
Tim May added: "I am delighted to have the opportunity of working with both CRESTCo and Euroclear during such an exciting period in their development. I look forward to the interesting challenges ahead."
CRESTCo Limited operates the real-time securities settlement system for Irish, UK, Jersey, Isle of Man, Guernsey and international securities through the CREST system. CRESTCo Limited is a wholly owned subsidiary of Euroclear Bank.
Euroclear is the world's largest provider of domestic and cross-border settlement and related services for bond, equity and fund transactions. Market owned and market governed, the Euroclear group comprises Euroclear Bank, based in Brussels, as well as Euroclear France, Euroclear Nederland and CRESTCo, the central securities depositories of France, the Netherlands, and the UK and Ireland, respectively. The total value of securities transactions settled by Euroclear is in excess of EUR 250 trillion, Euroclear Bank is rated AA+ by Standard & Poor's and Fitch.
