Replacing Andy Krangel, Lombardo will take on the role for a two-year term, effective November.
Lombardo will remain in his current role at Eurex Clearing as senior vice president of funding and financial markets.
As part of a wider board reshuffle BNY Mellon's Simon Tomlinson was re-elected as treasurer, while Krangel, Citibank, moved into the role of executive officer.
ISLA welcomed seven new members to its board, including Jamila Jeffcoate of State Street, John Shellard of J.P. Morgan, Phil Winter of Deutsche Bank, Peter Foley of Barclays, Alessandro Cozzani of BAML, Matt Collins of Morgan Stanley, and Paul Bradford of ING.
Returning members include Mick Chadwick of Aviva and Arnaud Fransioli of Societe Generale. Andy Dyson, CEO of ISLA, said: “We’ve been delighted to see such a high level of interest during this term’s election process."
"This reflects the important work we are doing at ISLA as well as the fundamental changes we are seeing in our markets. As we come to the end of the post crisis regulatory agenda, I believe the new board will be increasingly focused on new and efficient ways of doing business.”