Hong Kong Exchange CEO Aguzin to leave firm; Chan to succeed
HONG Kong Exchanges & Clearing (HKEX) chief executive officer Nicolas Aguzin will leave the company at the end of his three-year contract, and will be succeeded by co-chief operating officer (COO) Bonnie Chan.
Chan, 54, will become the first woman to take the top job at the exchange, starting in May, HKEX said on Friday (Dec 15). She rejoined HKEX and was head of the listing division from 2020, before being elevated to co-COO in February.
Aguzin, a former JPMorgan Chase executive, led the bourse during one of the toughest spells in its history. He presided over six consecutive quarterly profit declines as global economic concerns, curbs to combat Covid, and a crackdown on private enterprise in mainland China choked off trading and initial public offerings (IPOs).
“Over the next few months, I will work closely with my team to ensure a smooth and seamless transition of leadership at the group,” he said.
Aguzin informed the board he would not seek reappointment when his contract ends in May, said HKEX. The Argentinian executive, who would often go by his nickname “Gucho”, wrote in a LinkedIn post that he will take some time to “reflect, regroup and make plans for the future”.
He took over from fellow JPMorgan alumnus Charles Li, who tied Hong Kong markets closer to China via the landmark Stock Connect. Under Aguzin’s watch, trading links were expanded to include interest rate swaps and exchange-traded products. He also ushered in yuan counter trading to boost the use of the Chinese currency.
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Other changes included a speedier IPO settlement platform and enabling block trades via Stock Connect. Still, HKEX’s share price has slid 54 per cent from a peak in early 2020 shortly before Aguzin took over.
He was paid a total of HK$24 million (S$4.1 million) in 2022, excluding share awards.
IPO deals in Hong Kong, once one of the leading global markets for new offerings, are on track for the slowest year in more than two decades. Cash equity trading this year was down 16 per cent compared to last year.
Chan was previously a partner at law firm Davis Polk & Wardwell, serving clients including Tencent Holdings. She led the IPO transactions department in a previous stint at the bourse, and was paid HK$9.1 million last year as head of listing. A keen equestrian, Chan also owns the race horse Oversubscribed, a five-time winner over the past five seasons.
Wilfred Yiu, who is co-COO alongside Chan, will become deputy chief executive in May. He will be co-COO with Vanessa Lau, who will also stay on as group chief financial officer.
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