Our news roundup focuses on companies with changes at the top: BNP Paribas, Refinitiv, ACA Compliance, and CloudMargin.
Financial services firms are knee deep in bonus-and-hiring season as key staff members either stay and continue to perform or collect their bonuses and move on to new challenges.
With the start of 2020, end-user firms and financial technology providers have announced executive changes, guaranteeing that the merry-go-round will continue.
What follows is a roundup about recent executive changes.
BNP Paribas Fill Two Executive Posts
French banking giant BNP Paribas has promoted José Placido to the post of CEO of CIB Americas from his current roles as global head of financial institutions coverage (FIC) and global head of client development for securities services, officials say.
Placido will step into the CEO post on June 1, 2020 and he will be based in New York City reporting to Yann Gérardin, deputy chief operating officer (COO) and head of corporate and institutional banking, and Jean-Yves Fillion, CEO BNP Paribas USA, officials say. The current CEO of CIB Americas Bob Hawley will take on the role of vice chairman of CIB Americas.
Placido has expanded the bank’s relationships with many large institutional clients, according to BNP Paribas. Before joining the firm in 2014, he was CEO of RBC Investor Services and RBC Dexia Investor Services, based in Toronto, officials say.
In addition to the Placido news, the bank has promoted Sandrine Ferdane as the next global head of FIC, succeeding Placido, officials say. Ferdane will start her new position on April 1, 2020, and will be based in Paris reporting to Gérardin.
Sandrine has served as country head of Brazil and CEO of Banco BNP Paribas Brazil since 2014, officials say. The bank says she was instrumental “in transforming and enhancing the bank’s Brazilian platform.”
Refinitiv Taps Dealogic for Customer-Focused Exec
Refinitiv, the financial markets data and infrastructure vendor formed from Thomson-Reuters, has appointed the former chief strategy officer at Dealogic, Andrea Remyn Stone, as its new chief customer proposition officer and member of the executive leadership team, officials say.
At Dealogic, Stone managed the development, communication and implementation of Dealogic’s key initiatives, and oversaw the evolution of the company’s value proposition, officials say.
Before Dealogic, Stone spent five years at Bloomberg as global head of strategy and corporate development where she was responsible for organic and inorganic business initiatives. She led business incubation, commercialization and growth acceleration, acquisitions, partnerships and equity investments efforts across Bloomberg’s financial technology businesses such as content and analytics, trading platforms, liquidity venues, and market data and data distribution technologies.
At Refinitiv, Stone, who will report to CEO David Craig, has a remit to oversee a multi-year data proposition and investment drive that will coincide with the launch of the Refinitiv Data Platform in 2020, officials say.
Stone will be based in London, and will work with Refinitiv customers “to develop breakthrough solutions in open platform technology collaboration,” according to the vendor.
Refinitiv provides data and insights, trading platforms, and open data and technology platforms for global financial markets.
ACA Compliance Picks a New CEO
A former executive at CEB/Gartner, Shvetank Shah, is the new CEO for ACA Compliance Group (ACA), and he will oversee ACA’s global operations, officials say.
The ACA board of directors appointed Shah as CEO and as a member of the board of directors effective immediately, officials say.
At CEB/Gartner, Shah served as senior vice president of its Technology & Service Provider practice, officials say.
Shah, who will be based in ACA’s Silver Spring, Md. Office, is overseeing all global operations and the corporate growth strategy for ACA, officials say. His responsibilities will include executive leadership, management, and strategic vision and accelerating growth of ACA.
Prior to joining CEB, Shah was the founding CEO of CNet Networks’ Indian operations, and a management consultant with PwC and PA Consulting Group, officials say.
“I look forward to working closely with our team to expand our GRC offerings, develop our employees, further enhance our technology platforms, and continue to provide exceptional service to our clients,” says Shah in a prepared statement.
Based in New York City, ACA provides governance, risk, and compliance (GRC) advisory services and technology solutions to investment advisers, private fund managers, commodity trading advisors, investment companies, broker-dealers, and banks, officials say. The company has offices in London, Hong Kong, Malta, and other U.S. cities.
CloudMargin Creates New Role for North America
The London-based CloudMargin, a provider of a cloud-native collateral and margin management solution, has promoted Armando Hernandez to the newly created role of executive director, head of North America, officials say.
Hernandez is a 25-year industry veteran with investment banking, derivatives and financial technology experience, officials say. He joined CloudMargin in September 2018 as director of new business development for North America.
For his new role, Hernandez oversees the entire North American operating unit, including sales, relationship management, partnerships and client onboarding, officials say. He reports to CloudMargin CEO Stuart Connolly.
“In this key new position, Armando will join the executive leadership team, heading up the effort to further grow our footprint and provide a framework in the U.S., which plays an ever-increasing role in our future,” Connolly says in a prepared statement. “We established a North American presence less than four years ago and are delighted to now provide collateral management services to some of the largest financial firms in the world that are headquartered on the continent.”
Hernandez began his career at Citigroup, where he spent 11 years managing the global bank’s derivatives collateral management and funding teams, officials say. “Subsequently, he served in several senior roles at financial services technology firms including in product management, pre-sales, sales and business development.”