The plans which have been approved in principle at management and supervisory board level will lead to the replacement of the current structures with a structure based on product lines and profit centres. Under the proposed new structure, Euronext will be reorganised into four Strategic Business Units with a clear focus on product development and revenue growth.
Subject to regulators and work's council approval, the plan would lead to the creation of four P&L business units for:
- Cash markets
- Derivatives markets
- Clearing services
- information services
Each of the P&L accountable business units would be under the responsibilities of one executive director. It is planned, more precisely, subject to regulatory approval that:
- George Möller to be head of cash markets , with Roland Bellegarde as deputy
- Hugh Freedberg to be head of derivatives markets, with Peter Friend as deputy
- George Möller to be head of clearing services, with Patrice Renault as deputy
- and Leni Boeren to be head of information services.
Client support centres will be maintained at customers' proximity i.e. at Euronext's five different locations.
The support functions will be organized in the most efficient way to keep the unity and efficiency of the Group, finance, human resources and business strategy being under the responsibility of the CEO, Jean-François Théodore. The other members of the Managing Board, Olivier Lefebvre and Manuel Monteiro will keep their existing functions.
It is hoped to complete the consultation process by the end of the year for implementation on 1st January. The goal of the new structure is to put in place an organisation fully dedicated to Euronext clients.
Jean-Francois Theodore, chief executive of Euronext said:
"The Managing Board has reviewed the organisation of the Euronext group, to identify the most effective structure that will realise our strong potential and sharpen our focus on key markets and customers. This is a natural change in our development, following on from a period of significant change over the last two years as the various businesses within the Group came together. It is driven by our desire to improve both efficiency within the business and the levels of service and range of products we can offer to our customers. The new SBU's will have full accountability for profit and loss increasing transparency for the entire group. "