CLS Group, the US-based financial institution providing settlement services to its member in the forex market has announced that its Chief Executive Officer (CEO), David Puth has resigned from the position which he was holding since 2012. Until the new CEO is hired, Chairman Kenneth Harvey will act as interim CEO. Puth’s last data with the company is 30th November and during this time, he will ensure a smooth transition.
While Kenneth Harvey appointed as interim CEO, CLS Independent Director Bryan Osmar and Director Rick Sear will assume the role of Chairman of the Board of CLS Group Holdings AG and CLS Bank International. Meanwhile, CLS has also handed out the task of finding the new CEO to an executive search firm.
David Puth has played an instrumental role in the growth of the firm and he oversaw the transition of the company’s designation as a systemically important financial market utility (FMU) by the Financial Stability Oversight Council (FSOC). He also led the expansion strategy through the development of new products and services to address the market’s wider settlement, processing and data needs.
Kenneth Harvey commented on David Puth’s exit from the firm:
“Over the past six years, David has made substantial contributions to the growth and stability of CLS. 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.”
“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 I 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 has been associated with the firm since 2011 as an Independent Director of CLS Group and then was elected as elected Chairman of the Boards of CLS Group Holdings AG and CLS Bank International in October 2014. Prior, Harvey was group Managing Director at HSBC Holdings overlooking the entire operations and technology division.
