The Dubai Mercantile Exchange Limited (DME) today announced that Chief Executive Officer Thomas Leaver will depart the exchange to pursue other interests after six years of service.
The Board of Directors has appointed a Transition Committee to oversee the search for his replacement. Mr. Leaver will support the Committee until a new chief executive has been hired.
Joining in 2006 as Chief Operating Officer, Mr. Leaver played a key role in the development and launch of the DME. He has been Chief Executive Officer since 2008.
Making the announcement, Ahmad Sharaf, Chairman of the DME, said: "On behalf of our Board of Directors, shareholders, members and staff, I want to express our sincere gratitude to Tom for the significant contribution he has made to the DME's success. He will be leaving a robust platform for future growth upon which we will continue to build.
"During the transition period, Tom will remain in post and be assisting us in the search for his successor. We wish him all the best in the next phase of his career."
Under Mr. Leaver's stewardship, the exchange has grown steadily, continuing to set new trading records and attract a broad range of market participants. DME Oman has become the largest physically delivered crude oil futures contract in the world and is recognised increasingly as the benchmark for Middle East crude oil destined for East of Suez markets. In a significant development, the DME recently received a major vote of confidence from shareholders with the announcement of increased investment and support to enable it to continue growing its business.
Commenting on his decision, Mr. Leaver said: "After six immensely enjoyable years at the DME, I have decided that it is time to move on to new challenges. I am truly proud of our accomplishments at the DME and believe that now is the right time to hand the baton to someone who will help take the exchange to the next level. They will have a solid foundation on which to build, exciting prospects ahead and a great team with which to work.
"We have already started the process of identifying my successor and I have agreedgreed with the Chairman and the Board to help during the transition period."
The DME was launched in June 2007 with the goal of bringing fair and transparent price discovery and efficient risk management to East of Suez, the world's fastest growing commodities market and the largest crude oil supply/demand corridor in the world. Today, DME Oman is the explicit and sole benchmark for Oman and Dubai crude oil Official Selling Prices (OSP), the