CLS, the market infrastructure group delivering settlement, processing and data solutions, today announced that Chief Executive Officer David Puth has decided to step down after leading the company since 2012. Chairman Kenneth Harvey will act as interim CEO until a successor is named. Puth will remain with CLS through 30 November to ensure a smooth transition.
While Harvey serves as interim CEO, CLS Independent Director Bryan Osmar and Director Rick Sears will assume the responsibilities of Chairmen of the Board of CLS Group Holdings AG and CLS Bank International. CLS has retained an executive search firm and is evaluating candidates for the CEO role.
“Over the past six years, David has made substantial contributions to the growth and stability of CLS,” said Harvey. “We respect David’s decision and thank him for helping position CLS as the world’s leading provider of risk management and operational services to the FX market.”
During his time at CLS, Puth oversaw the transition of the company’s designation as a systemically important financial market utility (FMU) by the Financial Stability Oversight Council (FSOC) and led the development of new products and services to address the market’s wider settlement, processing and data needs. In addition, he guided the organization through a period of improved financial performance and oversaw a successful rebranding of the company through a period of structural change in the FX market. Puth also led major investments in CLS’s technology infrastructure, which have greatly enhanced operations for the company’s clients.
“It has been a privilege for me to lead CLS during a transformative time for the industry,” said Puth. “Our overall financial position is strong, which enables CLS to continue to grow while investing in the resilience of its infrastructure. I have every confidence in CLS’s Board of Directors and am pleased to hand over the management of CLS to the next generation of leaders. I look forward to taking on new challenges in the future, and to working closely with Ken and the broader team during this transitional period.”
Harvey was elected Chairman of the Boards of CLS Group Holdings AG and CLS Bank International in October 2014; he has served as an Outside (Independent) Director of CLS Group since December 2011. Prior to joining the board of CLS Group, Harvey was Group Managing Director for HSBC Holdings, responsible for all operations and technology, comprising over 100,000 professionals in nine operating companies and five technology companies. Harvey holds a Bachelor of Science degree from DePaul University and is a graduate of Northwestern University National Trust School.