Mr Heale joined the LME in July 2001 and during his tenure the Exchange has experienced a sustained period of growth and stability. The last five years have not only seen a growth in volumes but the introduction and successful trading of two new plastics futures contracts, progress with the introduction of steel and continued development of the world-benchmark metals contracts. The initiatives that he has led have confirmed the global importance and dominance of the LME in the world of base metals and plastics and have positioned the Exchange to expand to new areas such as steel.

Mr Heale will continue in his position until a successor has been appointed. Commenting on Mr Heale's decision, Donald Brydon, Chairman of the LME said: "The LME has made considerable progress under Mr Heale's direction. He has led the transition in management to new levels and will leave the Exchange in good shape. I have enjoyed working with Simon and will continue to do so until his replacement is found."

Simon Heale said: "The LME is a respected City institution with an outstanding international reputation. It has been a great honour to have worked there for the past five years and a pleasure to have dealt with the base metals industry and more recently the plastics industry. I am confident that the LME will continue to thrive and expand in the years to come.

"I am grateful to the staff of the Exchange, in particular, for their hard work and support. Along with the Board, the member firms and the users of the Exchange, they have been a pleasure to work with."