The Chief Executive Officer (CEO) of Hong Kong Exchanges and Clearing Limited (HKEX), Charles Li, announced to the exchange’s Board that he does not intend to seek reappointment as HKEX CEO, the company revealed today.
Mr. Li’s current contract is set to expire in October of 2021, which will end his tenure as the CEO of HKEX. According to a statement provided by the HKEX, he has confirmed that he will be fully committed to continuing to lead the company until the end of his contract, which may end earlier if a successor is appointed before October of next year.
In response, HKEX has formed a selection committee to conduct a formal search process. This is being led by HKEX Chairman Laura M Cha, with HKEX Directors, Apurv Bagri, Benjamin Hung, and Rafael Gil-Tienda.
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Commenting on the announcement, Laura M Cha, HKEX Chairman, said in the statement: “I would like to extend my sincere gratitude to Charles for his extraordinary leadership and contribution to the Hong Kong market over the last decade, and to thank him on behalf of the Board, for giving us as much time as possible to ensure a smooth transition.”
“The Board is confident that the succession process will be smooth and orderly and that the Group is on a strong foundation.”
Changes in HKEX senior management
Today’s announcement follows on from the Hong Kong firm announcing that it had made a number of senior appointments. As Finance Magnates reported, this saw Stephanie Lau being named as Managing Director, Co-Head of IPO Vetting, effective from the 1st of May, 2020.
The second change announced by the firm was that it had named Katherine Ng, who was previously the Managing Director, Listing, as the Chief Operating Officer, Listing. With Ng taking on the role of COO, List, Grace Hui, who held this role prior, instead moved to HKEX’s Markets Division to take on a new role, as Managing Director, Head of Green and Sustainable Finance.