CLS Group is undergoing a major change of its senior leadership, after its long-serving Chief Executive Officer David Puth announced plans to resign from his role, effective September 30.
Following the surprise departure of Puth, who served as the CEO of CLS Group for nearly six years, the provider of risk mitigation services has installed Chairman Kenneth Harvey as the interim chief executive until a successor is named. In addition, CLS directors Bryan Osmar and Rick Sears will take on the roles of Chairmen of the Board of CLS Group Holdings AG and CLS Bank International, respectively.
Puth, whose career spans more than thirty years in financial markets, has led CLS since 2012. Before that, he worked for two decades at J.P. Morgan where he oversaw the bank’s FX, interest-rate derivatives, commodities, and emerging-markets business, and was a member of its executive committee.
Puth’s other stops include working at State Street, where he was head of global markets. During his term from 2008 to 2011, he was responsible for sales, trading and investment research across multiple asset classes, including the bank’s electronic FX brokerage business, Currenex.
Commenting on Puth’s departure, CLS chairman Kenneth Harvey said: “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.”
The outgoing CEO added: “It has been a privilege for me to lead CLS during a transformative time for the industry. 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.”