Euronext, Europe’s largest exchange, has appointed Giorgio Modica as its newest Chief Financial Officer (CFO). He will step into the role on May 2, 2016 following the departure of Amaury Dauge, who announced that he was parting ways with the exchange to pursue other projects, according to a recent Reuters report.
Mr. Modica joins Euronext at a transitional juncture for the exchange group, as its finance team is being reshuffled and organized in a bid to help strengthen its future outlook at strategy. The timing of the move also follows on the heels of highly diminished volumes at many institutional venues worldwide, many of which have suffered from monthly downtrends.
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The appointment of Mr. Modica was unanimously approved by Euronext’s supervisory board and he will join the group from BNP Paribas following almost a decade in senior level financial roles. During his tenure at BNP Paribas, Mr. Modica worked out of the lender’s Paris office, having held the role of Senior Corporate Finance banker for a period of nine years. In this capacity he helped oversee BNP’s global stock exchange sector, with particular focus across Italian and Spanish markets.
The man vacating the role for Mr. Modica is Amaury Dauge, who is officially leaving the company in June 2016. He has been a mainstay at the group for the past fifteen years, and he will be relinquishing his role to return to New York to join a fintech company.
Late last month, Euronext made headlines with the appointment of Maria João Borges Carioca Rodrigues as its Chief Executive Officer (CEO) and head of the group’s Lisbon operations – she will join the exchange in Q2 2016. The appointment of Ms. Rodrigues helped fill a void left by the departure of Luis Laginha, the former chairman and CEO of Euronext Lisbon and Interbolsa, Euronext’s Portuguese Central Securities Depository,