The three-year "Champions League era" of the Hong Kong Stock Exchange is coming to an end.
On December 15, the Hong Kong Stock Exchange officially announcedGroup Chief Executive Officer Nicolas Aguzin has made it clear that he will not seek re-election at the end of his term in May 2024, when he will be replaced by Co-Chief Operating Officer Anthony Chan, who took over in 2022. Aguzin said it was the privilege of his life to lead the HKEX and he would continue to work closely with the team in the coming months to ensure a smooth and seamless transition of the group's leadership.
According to Hong Kong**, the board of directors of the Hong Kong Stock Exchange had previously proposed to Aguzin to extend the one-year contract until early 2025, but he ultimately did not accept the offer. HKEX Chairman Laura Cha said that during his tenure, Aguzin played an important role in promoting the international promotion of Hong Kong's financial market, resuming dialogue and connectivity in the post-pandemic era, and ensuring the normal operation of HKEX. "We fully respect his decision to pursue new developments. ”
Champions League promotion confirmed retirement
Aguzin moved from J.P. Morgan to HKEX in 2021 and spent nearly 31 years at J.P. Morgan, including Chairman and Chief Executive Officer of J.P. Morgan Asia Pacific from 2013 to 2020, and most recently Chief Executive Officer of International Markets of J.P. Morgan Private Banking.
In May 2021, the Champions League was appointed to take over as the chief executive of the Hong Kong Stock Exchange, and the basic annual salary of 10 million Hong Kong dollars shocked the market.
However, unfortunately, since then, the Hong Kong market has begun to suffer from various impacts brought about by the new crown epidemic and the global market downturn, and the IPO fundraising performance, which is a traditional strength, has also declined significantly.
Reflecting on his tenure, HKEX said the pandemic and the global market downturn had created a particularly difficult macro environment, and the board thanked Aguzin for his leadership and contribution during this period. It is reported that during his promotion, he led the implementation of a number of major strategic initiatives and the international promotion of the Hong Kong Stock Exchange, including the opening of new offices in New York and London, and led the development and improvement of a series of products and platforms, including promoting the growth of the derivatives and ETF markets of the Hong Kong Stock Exchange.
The unique strength of HKEX is that it connects China with the world. Aguzin said his strong commitment to ensuring the attractiveness, competitiveness and connectivity of the Hong Kong market during his tenure has successfully supported customers and stakeholders around the world. Despite the challenging and volatile macro environment, he is very proud of the fact that the HKEX team has implemented a series of strategic initiatives and projects over the past two years.
HKEX Chairman Laura Cha also spoke highly of the company, saying that during his tenure, he has played an important role in promoting the international promotion of Hong Kong's financial market, resuming dialogue and connectivity in the post-pandemic era, and ensuring the normal operation of HKEX. "We fully respect his decision to pursue new developments and wish him all the best for the future. ”
Chen Yiting was appointed
At the same time, the board of directors of the Hong Kong Stock Exchange also announced the appointment of Chen Yiting as the next group chief executive officer of the Hong Kong Stock ExchangeEffective May 24, 2024, for a term of three years until May 23, 2027。She will also become an ex-officio member of the Board of Directors, effective May 24, 2024.
Aged 54, Chan has over 30 years of experience in legal and financial services. She joined HKEX in January 2020 as Head of Listing and has been Co-Chief Operating Officer since 1 February 2023. Prior to joining HKEX, she was a partner at Davis Polk & Polk from 2010 to 2019, where she worked with clients across a wide range of industries in Hong Kong and Asia.
Prior to that, she was the Head of the Initial Public Offering (IPO) Department of the Listing Division of the Hong Kong Stock Exchange from 2007 to 2010. She has also served as a member of the Taxation Commission of the Hong Kong Special Administrative Region** and a board member of the Financial Services Development Council, and was an ex-officio member of the Hong Kong Standing Committee on Company Law Reform from 2020 to 2022.
In its 2022 Annual Report, HKEX proudly noted that a number of recent senior appointments, including the appointment of Anthony Chan as Co-Chief Operating Officer and the appointment of Kitty Ng as Head of Listing, reflect HKEX's commitment to gender diversity in the workplace and increase the proportion of female members to three (50%) in senior management.
But beyond the label of "female executive", Chen Yiting's own professional ability does not seem to be inferior. According to Laura Cha, Chan is a well-known capital markets executive who has a deep understanding of HKEX's business and industry competitive landscape, and has played a key role in driving the execution of HKEX's strategy over the past few years.
Chen Yiting herself said that her entire career has been closely related to the exchange. As the focus of the world's development shifts to the East, technological advancements change the way people live and work, climate change and a fragile economic environment become major challenges that everyone needs to tackle together, and the Hong Kong Stock Exchange still has huge opportunities.
Two senior executives were appointed at the same time
In addition to the official announcement of the change of leadership, the Hong Kong Stock Exchange also revealed the latest appointments of two new executives.
Among them, Yiu Ka Yan (the other is Chan Yiting), who was previously regarded by the market as one of the favourites to succeed in the Champions League, has been appointed as the Deputy Chief Executive Officer of HKEX Group, effective May 24, 2024. He will also continue to serve as the Co-Chief Operating Officer of HKEX and the Chief Executive Officer of the Stock Exchange of Hong Kong*** and the Hong Kong Stock Exchange***, both of which are wholly-owned subsidiaries of HKEX.
According to his resume, Yao Jiaren is 54 years old and has more than 25 years of experience in international capital markets. He joined HKEX in April 2019 and is currently the Co-Chief Operating Officer of HKEX. Prior to joining HKEX, he served as Deputy General Manager and Chief Operating Officer of Beijing Gao Hua**, Chairman of Qiankun**, and prior to that, Managing Director of Fixed Income, Currencies & Commodities at Goldman Sachs.
The current Chief Financial Officer of HKEX, Ms Bean Lau, has also been appointed as HKEX's Co-Chief Operating Officer with effect from 24 May 2024 and will continue to serve as HKEX's Chief Financial Officer. Aged 51, Ms. Lau has over 25 years of experience in the financial services industry. Prior to joining HKEX in October 2015, she held various senior finance positions at Crown Hong Kong*** (2011 to 2015) and Alcoa (2007 to 2011), and prior to that worked at McKinsey & Company and PricewaterhouseCoopers (UK).
* Brokerage China.
Editor: Li Li, Editor: Ma Qiang, Proofreader: Tan Lugang.
Executive Producer: Wu Ji.
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