The London Metal Exchange announces that its Chairman, Donald Brydon, is to step down in the next few weeks to concentrate on his roles with Royal Mail and Smiths Group.
Donald Brydon was appointed Chairman in September 2003 and since that time has presided over a capital restructuring, the first dividend payment and a significant growth in traded volumes and new contract launches. A search is underway for his successor.
Donald Brydon said, "It has been a privilege to have presided over the successful evolution of the LME in the last few years. I am particularly pleased that the LME was able to navigate through the recent financial crisis without any difficulty and with a significant increase in volumes traded. It has an excellent management team and I am confident of its continued success."
Martin Abbott, LME Chief Executive, said, "The LME has undergone significant change during Donald Brydon's time as Chairman. The company is more professional than ever and the move to a commercial model has transformed the business. Donald's strong leadership and broad experience has been much appreciated by the board and staff of the Exchange and we will be sorry to see him go. We have known for some time that a successor would be required and the process of finding the right person is well advanced; we are confident the management process and systems that Donald put in place will ensure a smooth transition to a new Chairman."