CLS, a financial market infrastructure delivering settlement, processing and data solutions across the global FX ecosystem, announced that a new chair and five new members have been appointed to its Board of Directors (Board) at the CLS Annual General Meeting on 17 May 2022.

Gottfried Leibbrandt has been appointed as CLS’s chair, effective 17 May 2022, and succeeds Ken Harvey, who retired after ten years as a member of the Board, eight of which as chair.

Mr. Leibbrandt has been a member of the Board since 2021. He was most recently Chief Executive Officer of Swift, a role he held from 2012 to 2019. Prior to this, he held several roles within Swift, including Head of Marketing, Head of Standards and Director of Strategy and Business Development. Before joining Swift, he was a Partner at McKinsey & Company where he focused on financial institutions, with a specific focus on payments and transactions.

The new directors on the board are Brian Gallagher (JPMorgan Chase), Federica Mazzucato, (UBS Investment Bank), Hari Moorthy (Goldman Sachs), Paolo Muzzarelli (Credit Suisse) and Oliver Stuart (Morgan Stanley).

Marc Bayle de Jessé, CEO, CLS added, “These latest appointments to our Board bring together unrivalled industry expertise and extensive market infrastructure knowledge. We are fortunate to have them on board to guide our decisions and help position the organization well for its next phase of growth.”

Gottfried Leibbrandt, Chair, CLS commented: “Now is a pivotal time for the FX industry and CLS’s role is more important than ever. I look forward to working with my fellow Board members and the executive team as we - as a systemically important financial market infrastructure – enhance our offering to provide additional value for our clients and the broader market.”

The CLS Board now comprises 21 directors in total, eight of whom are designated as outside or independent directors.