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| We finally know the CEO of Libra |
In an announcement published on May 06, the Libra Association has finally revealed the identity of the person who will soon hold the office of CEO. If the choice may seem surprising at first, it takes all its logic as soon as we linger on the journey of the person concerned. Stuart Levey, since he is what he is about, is in fact known to have been under-secretary of terrorism in the USA. As such, he left a lasting impression on American and international policy to combat illicit financing. In order to better understand the reasons which led to the choice of his person, let us return to his journey.
A man with a wealth of leadership experience in the public and private sectors.
Levey held several senior positions at the United States Department of Justice before joining the United States Department of the Treasury. He served as under-secretary for terrorism and financial intelligence between July 2004 and March 2011. During this period, he supervised the implementation and application of American sanctions by the Office of Foreign Assets Control ( OFAC). He was also responsible for leading the fight against money laundering and the financing of terrorism by the Financial Crimes Enforcement Network (FinCEN).
The man then joined the private sector, which he had already worked with for 11 years before his career in public administration. Currently, he is the chief legal officer of HSBC Holdings, a global bank with a presence in 64 countries with an operating income of $ 53 billion in 2019. He provides legal advice to the chief executive officer and the board of directors, among others. He also sits on the group’s executive committee, which is responsible for the executive oversight of the entire firm.
A choice in the form of a signal to regulators
Mr. Levey’s appointment comes after the recent launch of a payment system licensed under the supervision of the Federal Financial Market Supervisory Authority (FINMA). Member of the board of directors of the Libra Association and has participated in the search for the future CEO, Katie Haun explained the expectations placed in him. She expects that her unique experience will allow her "to bring to the Association a wealth of knowledge in banking, finance, regulatory policy, and national security and to find the right balance between innovation and regulation".
For his part, Mr. Levey, who said he was honored to join the Libra Association, seems to have understood the role that will be his. He says, “Technology gives us the ability to make it easier to send and receive money […] to give more than a billion people the ability to cope in the financial system, all with solid controls to detect and deter illegal financial activities. I look forward to working closely with governments, regulators and all of our stakeholders to realize this vision. ”
Levey will step down from HSBC Holdings and join the Libra Association over the summer. He will be able to use his experience to guarantee the realization of their vision of innovation, inclusion, and compliance.
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