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Post-trade market infrastructure technology provider Pirum Systems has promoted Phil Morgan to take over as CEO from Rajen Sheth, effective 10 August.
Morgan (pictured) joined Pirum in 2016 as chief commercial officer and has worked closely alongside current chief executive Rajen Sheth since then.
After giving up the big chair, Sheth will remain on Pirum’s board and become president. He will continue to support Morgan and the management team in a range of areas across the business, Pirum says.
Sheth joined Pirum in 2003 as chief operating officer and took over as CEO in 2014.
“After 17 years at Pirum, I have decided now is time to hand over the reins,” Sheth says. “I know Phil to be a talented, creative and well-respected individual who will provide great leadership and direction to support our clients and the industry.”
He adds: “I look forward to working with Phil and the team and remain very excited about the company’s future. ”
Morgan says: “I am very excited to accept this opportunity and take over the leadership of Pirum as we deliver the next phase of growth. It has been a pleasure supporting Raj throughout my time at Pirum and, given his mentorship through this period, the time is now right to make this transition.
“These are challenging times for the industry, and I am very confident we will continue to evolve and grow as a business and offer best in class solutions for our clients.”
Julian Masters, managing partner of Pirum’s private equity backer, Bowmark Capital, comments: “It has been a pleasure working with Raj over the last 15 months as he led the business through this key stage of growth.
“As we planned together when we invested in Pirum, it is now time for Raj to pursue the next phase of his career and for Phil to guide the business through the upcoming period of accelerated product development and evolution.”
News of the role change comes shortly after Pirum launched products to assist clients with exposure management, collateral management and regulatory reporting.
Most recently, Pirum partnered with Wematch to develop a fully-integrated front-to-back securities finance transaction service solution for mutual clients leveraging the Wematch platform.
Through the new partnership, clients can now match and negotiate securities lending trades in Wematch and leverage connectivity with Pirum to manage all post-trade lifecycle events, the firms explain.
