The Swift Board of Directors today announced that Yawar Shah has stepped down, retiring from the Board after 16 years as Chair.

Yawar Shah said: “It has been an honour and privilege to serve the global financial community as Chair of Swift and as a representative of the US community on the Swift Board.  I am immensely proud of the cooperative’s many achievements in transforming the cross-border experience for both payments and securities, whilst upholding the highest levels of security, resilience and reliability. Swift is in great shape with strong financials, growing traffic, industry momentum around its strategy and exciting innovation ahead.  At the end of a successful year and as we move to the next phase of strategic delivery it is the right time for me to retire from the role of Chair and the Board.  I would like to thank Swift Board colleagues from around the world for their continuing dedication and together with Swift’s management team, I am confident the cooperative remains in excellent shape for the years ahead.”

Javier Pérez-Tasso, CEO, Swift commented: “I would like to recognise Yawar’s many contributions to the Swift community over the years. I look forward to working together with the Board through the leadership transition as we continue to deliver on our global vision for instant and frictionless transactions with the highest standards of operational excellence.”

During the transition period, Deputy Chair Mark Buitenhek will cover the activities of the Chair, until a new Chair is formally elected by the Board in the months ahead as part of the regular governance process.