HKEX chief to step down at end of 2020, ahead of schedule

Hong Kong

THE chief executive of Hong Kong's stock exchange, Charles Li, will step down at his own request at the end of 2020, sooner than expected, the firm said in an exchange filing on Tuesday.

Calvin Tai, now the chief operating officer of Hong Kong Exchanges and Clearing (HKEX), will serve as interim chief executive from Jan 1, 2021.

In May, HKEX said Mr Li would step down as chief executive when his current term ended in October 2021, or earlier if a successor was appointed before that.

HKEX chairman Laura Cha, who is leading the committee to find the next CEO, said it was making "good progress" and would update the market when appropriate. "In the meantime, I look forward to working with Charles and Calvin in the coming months, as HKEX continues to play a major role in Hong Kong, in financial markets, and in the global economy," she added.

Mr Tai is an HKEX long-timer who joined the Hong Kong Futures Exchange in 1998, prior to its 2000 merger with the Hong Kong Stock Exchange which created HKEX.

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Mr Li will be a senior adviser to the HKEX board for six months after stepping down as chief executive, the company added. REUTERS