Hong Kong Exchanges and Clearing Limited (HKEx) and The London Metal Exchange (LME) announce today that Martin Abbott, HKEx's Co-head of Global Markets and LME's Chief Executive (CE), has tendered his resignation from the HKEx group.
Mr Abbott has agreed to stay in his current positions until the end of this year in order to facilitate a smooth and orderly transition.
Mr Abbott, said today: "I am very proud to have led the LME during a period of great progress for the exchange. When we agreed the sale of the LME to HKEx last year, I made a commitment to stay on as long as necessary to ensure a smooth transition. The integration has now reached the point where I am able to think about my own plans for the future, in the confidence that the LME is in very good hands. "
Sir Brian Bender, Chairman of the LME commented: "Since becoming CE, Martin has been instrumental in the transformation of the LME, culminating in the sale of the business to HKEx last year. Everything we have seen so far has confirmed that HKEx was the right choice in positioning the LME for future growth in Asia and we have Martin to thank for the role he has played in this process. We wish him well for the future."
Charles Li, Chief Executive of HKEx said: "Over the past 18 months, I have gotten to know Martin not only as a colleague but also as a friend. Martin's knowledge and experience have been invaluable in our integration of the LME into HKEx. Our LME business is now in a great position for the future and provides a solid platform for us to build on. We are glad that Martin will be with us to ensure a smooth transition and wish him well in his next challenge."
LME's Board will make an announcement on Mr Abbott's successor in due course.