ICAP has announced that, following his appointment as Chairman of United Overseas Bank Ltd, Hsieh Fu Hua will not be standing for re-election to the board at ICAP plc’s annual general meeting on 10 July 2013.
He has been a non-executive director of the Company since January 2011 and during that time has served as a member of the Remuneration Committee.
ICAP has further announced that Ivan Ritossa will be appointed to the board as a non-executive director following the annual general meeting.
Ritossa was formerly on the Executive Committee of Barclays Investment Bank and was most recently Head of Latin America, Central and Eastern Europe, the Middle East and Africa for Barclays across all products for the Investment Bank. Previous roles at Barclays include Head of Foreign Exchange and serving as an executive director of Barclays Saudi Arabia Board. He was a non-executive director of ABSA Group and served on a number of its committees.
Charles Gregson, Chairman, commented: 'On behalf of the board, I would like to thank Fu Hua for his valuable contribution over the last two and a half years. We wish him well in his new role at United Overseas Bank. I am delighted that Ivan will be joining the board in July. Ivan has significant experience of the markets in which ICAP operates, particularly foreign exchange where he has been one of the foremost leaders in the industry for many years. I look forward to the insight he will bring to board deliberations and to the development of the business'.