The Board of Directors of Newedge, composed of directors representing Crédit Agricole CIB and Société Générale, have appointed a new chairman, two vice chairman and CEO.
The new full-time independent chairman is Duncan Goldie-Morrison (pictured), who served as chairman of Newedge Board since May 2009 representing Crédit Agricole CIB, but has now resigned his position of senior advisor to Patrick Valroff, CEO of Crédit Agricole. His appointment ends the rotation of Newedge’s chairmanship between the two shareholders, reflecting their determination to strengthen Newedge’s governance and the role of the chairman.
Jacques Ripoll, Head of Global Investment Management and Services (GIMS) at Société Générale Group and Jérôme Grivet, Deputy Chief Executive Officer of Crédit Agricole CIB, have been appointed as vice chairmen of the board. Both Ripoll and Grivet served as Newedge board members since September 2009 and January 2008 respectively.
Nicolas Breteau is the new chief executive officer of Newedge, effective July 7, succeeding Patrice Blanc, who has decided to leave the firm for personal reasons. Breteau is an experienced executive who has held a number of senior level positions since joining the group, most recently serving as Global Head of Sales and Front Office.
The appointments concerning the board will be effective after the changes in the company’s by-laws are approved at the next general meeting of shareholders, to be held by the end of July 2010.
“The new governance structure will further support the needs of both the Company and the shareholders, and help to strengthen a business model and strategy that proved correct,” says Goldie-Morrison. “The Board is pleased to welcome Nicolas Breteau as new CEO to lead Newedge into its next phase of development. He has the talent and experience to drive Newedge’s future growth and profitability. The Board would also like to express its sincere gratitude and appreciation to Patrice Blanc for the job he has done as CEO of Newedge. Under Patrice’s leadership Newedge has firmly entrenched itself as a world leader in multi-asset global brokerage.”
Nicolas Breteau adds: “Over the last years we successfully built Newedge into a listed derivative leader, putting us in a good position to capitalize on the new derivative environment created by financial reform. The Board, the management team, and I are fully committed to continue to deliver on the business opportunities ahead.”