Arun Seth, chairman of BT India, will join the Board of GlobeOp Financial Services ® S.A. ("GlobeOp" or "the company"; LSE:GO.) as an independent non-executive director. His appointment takes effect January 1st, 2008 at which time Brian Conway, managing director, TA Associates steps down, having served on the GlobeOp board since 2003. This ensures the company is fully compliant with the Combined Code on Corporate Governance and in line with the commitment given in its IPO prospectus.
Seth brings to GlobeOp more than 30 years of commercial and technical sector expertise and an in-depth knowledge of the IT industry in India. For 13 years he has been a key driver in establishing British Telecom as a leading telecoms company in India, with responsibility for operations at BT Group India and leading BT’s corporate social responsibility activity. Prior to joining BT in 1995, Seth served as senior v.p. in the corporate management division of the UB Group , India’s leading brewing and spirits group , based in Bangalore and Delhi. His other corporate board memberships include Tech Mahindra, India’s sixth largest IT services company listed and Acme Telepower, a privately-owned provider of energy management solutions in India. With a special interest in education and charity, he also serves on the boards of NASSCOM (India’s IT Services Association), the Indian Institute of Management Lucknow and HelpAge India, the leading national charity for the elderly. He previously served on the board of trustees of Help the Aged and HelpAge International in London.
Commenting on the appointment, Clay Brendish, chairman of GlobeOp, said: "We welcome Arun’s extensive technology sector experience and Indian business network access to the Board. GlobeOp is an established leader in business process outsourcing in financial services sector and more than 1000 of the company’s 1600 employees are based in India. We look forward to Arun’s contributions to the company’s strategy of maximizing the talent and opportunities India offers long-term. We would also like to thank Brian Conway for his services to the board and contributions in shaping the company’s strategy and development in the past four years. GlobeOp values TA’s continuing contribution through the participation of Jonathan Meeks."
Arun Seth said: "GlobeOp’s steady growth and recent public listing is a clear signal of continued evolution and sector leadership. I look forward to the opportunity of working with the Board and leadership team of GlobeOp as they continue to innovate and realize the company’s full potential."
Seth’s appointment follows those of Clay Brendish as the independent non-executive chairman and David Gelber as an independent non-executive director in June 2007.
Arun Seth is also a director on the Board of Tech Mahindra Limited, listed on the Bombay Stock Exchange in India, a position he has held since 2005. There is no further information to be disclosed under 9.6.13.of the Listing Rules of the Financial Services Authority in connection with Arun Seth’s appointment.