The Hong Kong stock market operator this week said long-time Chief Executive Charles Li plans to retire early from his current role, and will be replaced by Co-President and Chief Operating Officer Calvin Tai as interim CEO.
Li, a former banker who helped bolster the scale of Hong Kong Exchanges & Clearing’s operations by sharpening the exchange's appeal as a bridge between mainland China and global investors, had in May said he won’t seek a reappointment beyond his current contract, which ends in October 2021. At a meeting on Tuesday, he informed the HKEX’s board of his desire to retire at the end of this year.
During Li’s 11-year tenure as CEO, HKEX launched electronic trading links with marketplaces in China for stock and bond trading, strengthened its position as a premier destination for initial public offerings and completed the acquisition of London Metal Exchange. He also oversaw a failed $37 billion attempt to acquire the London Stock Exchange Group last year.
In a welcome address he delivered last week at an event hosted by the HKEX, Li advocated for a greater role by Hong Kong as a global fixed income and currency hub even as he noted challenges in the form of the Covid-19 pandemic and the deterioration in Sino-American relations.
“I fundamentally believe, however, that it is precisely the big geopolitical events that we are witnessing today, [which] are the defining moments into the future,” Li said.
The 59-year old will stay with HKEX in the role of senior advisor to the board for six months from Jan. 1 to ensure a smooth transition.
To-be interim chief Tai had joined HKEX in 1998. He will continue in his current roles in addition to taking on the interim CEO position from Jan. 1.
A selection committee, which has been on the lookout to find a permanent successor to Li, has in the meantime made “considerable progress,” HKEX said, adding that an announcement will be made in due course.
