The Board of Directors of Newedge, composed of directors representing Crédit Agricole CIB and Société Générale, announces the following appointments:
• Duncan Goldie-Morrison as a full time, independent Chairman of the Board. Duncan was chairman of Newedge Board since May 2009 representing Crédit Agricole CIB, and has now resigned his position of Senior Advisor to Patrick Valroff, CEO of Crédit Agricole CIB. This 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 as Vice Chairmen of the board. Both Jacques Ripoll and Jérôme Grivet were respectively Newedge board members since September 2009 and January 2008 (creation of Newedge).
• Nicolas Breteau as Chief Executive Officer of Newedge, effective July 7, succeeding Patrice Blanc, who has decided to leave the firm for personal reasons. Nicolas is an experienced executive who has held a number of senior level positions since he joined the group, starting at Fimat in 1993. He recently served as Global Head of Sales and Front Office. During his tenure at Fimat, he also served as UK CEO and Managing Director for the Europe Zone.
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.
Duncan Goldie Morrison commented: "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. The Board is pleased to welcome Nicolas Breteau as new CEO to lead Newedge into its next phase of development. Nicolas 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."
Since 2009 Duncan Goldie-Morrison has been a member of the International Advisory Board of Credit Agricole SA and will retain this position. From May 2009 to June 2010, he was director and Chairman of Newedge Group SA and Senior Advisor to Patrick Valroff, CEO of Crédit Agricole CIB. Between 2007 and May 2009, He was the Chief Executive Officer of Calyon Americas, responsible for all of Calyon's commercial and investment banking activities in the United States, Canada, and Latin America. He was also Senior Country Officer, Credit Agricole group, providing oversight to all of the CA group businesses in the USA and was also the focal point for potential acquisitions. Between 2003 and 2007 Duncan Goldie-Morrison was involved in a number of activities. He led a syndicate of investors which acquired Orbian, a multi-industry supply chain management business from Citigroup. He was Senior non-executive Director, member of the Audit and Remuneration Committees, at ICAP Plc, the world's largest inter-dealer broker and member of the London Stock Exchange's FTSE 100. He was also non-executive Director, member of the Audit and Finance Committees, at Primus Guaranty Ltd, the first NYSE listed, AAA-rated credit derivatives products company. From 1993 to 2003 at Bank of America, Duncan Goldie-Morrison was Head of Global Markets Group, Senior Executive - Asia and Latin America, and Member of the Bank's Operating Committee, Asset and Liability Committee and Trading Risk Committee.
Prior to his appointment as CEO of Newedge, Nicolas Breteau was the Global Head of Sales and Front Office of Newedge, beginning in July 2009. Nicolas started his career in financial services as an inspector for the Matif (French Derivatives Exchange) in 1992 and joined the brokerage firm Fimat International Banque in 1993 where he worked first as Financial Controller for the European Zone and two years as Deputy General Manager in charge of Sales based in Paris. He moved to London in 1999, became Deputy General Manager for the UK in April 2000, and then CEO of the UK in 2003. In 2005, he became Managing Director for the Europe zone, and with the birth of Newedge he was named Zone Managing Director for Europe & Middle East. His career progression within Newedge has given him an extensive view of our products, our clients, and our infrastructure issues.