David Puth is stepping down as the CEO of CLS 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 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,” says 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.
Puth’s career spans more than three decades in financial markets, including 19 years at JP Morgan, where he served in a variety of senior global leadership roles with oversight of the bank’s FX, interest rate derivatives, commodities and emerging markets businesses. He also served as a member of JP Morgan’s executive committee.
After leaving the bank in 2007, he founded The Eriska Group, a New York-based risk management consulting organisation. From 2008 to 2011, Puth worked at State Street, where he was head of global markets responsible for sales, trading and investment research across multiple asset classes, including FX, and for Currenex, the firm’s electronic FX brokerage business.
Puth was also a member of the Foreign Exchange Committee, sponsored by the Federal Reserve Bank of New York, which he chaired from 1999 to 2002, and has served on the board of directors of both CME Group and Icap.
“It has been a privilege for me to lead CLS during a transformative time for the industry,” says 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 and CLS Bank International in October 2014; he has served as an 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.