SWIFT has elected a new chairman of its board with Yawar Shah voted to the position. Shah, employed by JPMorgan, takes over the role vacated by Jaap Kamp, career banker at ABN AMRO, who is retiring after 12 years on the SWIFT board.

ShahÆs appointment also comes as Stephan Zimmermann has been elected deputy chairman and five new board directors have been announced.

Shah ascends to the top job after holding the title of deputy chairman of SWIFT since 1996. He was first voted to the board of directors in 1995.

Outside of his relationship with SWIFT, Shah holds the role of executive vice president, global operations executive, worldwide securities services at JPMorgan in the US. In this role, he is responsible for global operations for worldwide securities services.

For JPMorgan, he has also worked as retail service and operations executive, chief operating officer of the global private bank and general manager of the treasury management services business.

Zimmerman, the new deputy chairman, also currently holds the position of COO, global wealth management & business banking at UBS. He is also a member of the group managing board of UBS.

The ascension of Shah and Zimmerman comes as Kamp ends his six-year tenure as Chairman. During his time at the top, Kamp oversaw the introduction of the new SWIFTNet platform in over 200 countries. During his tenure, SWIFT also saw its message volume jump from 1.3 billion in 2000 to 2.5 billion in 2005.

With the departure of Kamp, SWIFT, the financial industry-owned cooperative that supplies secure, standardised messaging services and interface software, will also welcome five new members to the board.

One of the new board members will be Eli I Sinyak, who is the chief information officer at HSBC in Hong Kong. He replaces YB Yeung, the former chairman of the Hong Kong user group for SWIFT Asia-Pacific Council and chairman of it technology and production committee.

Outside of the region, the other appointments to SWIFTÆs board are Ignace Combes, deputy chief executive officer at Euroclear, Alan Goldstein, managing director, technology risk management and architecture at the Bank of New York, Per-Eric Skotthag, deputy head of global operation services and head of GOD transition office, Nordea Bank and Jeffrey Tessler, president and CEO, Clearstream International.