PRESS RELEASE: Amsterdam – 7 December 2020 – Intertrust N.V. (“Intertrust” or “Company”) [Euronext:INTER], a global leader in providing tech-enabled corporate and fund solutions to clients operating and investing in the international business environment, today announces that Stephanie Miller is stepping down as CEO and as a Member of the Management Board and the Executive Committee. The Supervisory Board is pleased to announce the nomination of Shankar Iyer as CEO. Mr. Iyer will assume the role of acting CEO from 7 December 2020.
Stephanie has successfully set the strategic direction for Intertrust, including a vision to digitally transform the business which led to the acquisition of Viteos. The Company is now focused on integrating and migrating the acquired business to finish the transformation and deliver the full platform to its clients.
In proposing a successor, the Supervisory Board has considered the appropriate skills necessary for the next phase of Intertrust’s development. The Supervisory Board has been impressed with Shankar Iyer’s leadership skills and his strong focus on growth and returns and believes he is the right person for Intertrust today to maximise value for all stakeholders.
Shankar is currently Chief Solutions Officer of Intertrust and was CEO and co-founder of Viteos, a top ten US tech-enabled funds administrator acquired by Intertrust in 2019. He has over 30 years of international experience in business acquisition and development and has extensive experience in integrating digital capabilities into businesses. Prior to founding Viteos, Shankar was the President and CEO of Silverline Technologies, an IT services company, which he led to its listing on the NYSE.
Subject to shareholder approval at a General Meeting and regulatory approval, Mr. Iyer will be appointed as a Member of the Management Board and CEO for a period of four years.
Full year 2020 results will be announced on 12 February 2021 and the Company will provide an update on guidance and capital allocation at that time. The outlook for Intertrust for FY2020 remains unchanged.
Hélène Vletter-van Dort, Chairwoman of the Supervisory Board said:“On behalf of the Supervisory Board, I would like to sincerely thank Stephanie for her contribution over the past three years. Under her leadership, Intertrust has continued to build upon its position as a world leader in specialised administration services, expanding into new geographies and service areas. With the Company turning its focus to consolidating its position and maximising the contribution of all the Group’s companies, now is the right time for fresh leadership and we wish Stephanie the best as she returns home to the US.
Shankar is an excellent leader who has an impressive track record of delivering successful execution, understanding our clients’ needs, growing businesses and building great teams. Together with Rogier, they will bring the execution rigour that is needed for this next chapter of the Company. We are delighted that he has accepted the role, understands our market and business deeply and will therefore be able to deliver our transformation agenda at pace.”
Shankar Iyer said: “It’s a privilege to be asked to lead Intertrust, a truly world leading business in its field. As CEO, I see my role as giving the talented professionals we have across this business the tools and environment they need to be successful. I look forward to working with Rogier and the team to build on the solid foundations Stephanie and the team have laid over the past several years and maximising performance right across the business.”
Stephanie Miller said: “I would like to thank the Supervisory Board and all my colleagues at Intertrust for an incredibly rewarding and successful three years. The business is in good hands with Shankar and I wish them all the best as they continue to deliver on the strategy. I now look forward to taking on my next challenge.”