As of March 1, the Hong Kong Stock Exchange officially welcomes its new CEO, Chen Yiting.
29/02/2024
GMT Eight
Following the announcement of the succession arrangement for the Group CEO on December 15, 2023, the Hong Kong Stock Exchange announced on February 29 that Nicolas Aguzin would retire as the Group CEO of the Hong Kong Stock Exchange and a member of the board of directors effective March 1 of this year. Starting from March 1, Laura Cha is appointed as the Group CEO of the Hong Kong Stock Exchange and a member of the board of directors.
According to the terms of her employment contract with the Hong Kong Stock Exchange, Ms. Cha's compensation package includes a basic annual salary of HK$10 million, as well as discretionary performance bonuses and stock awards recommended by the Remuneration Committee and approved by the board of directors. In addition, as a full-time employee, Ms. Cha is entitled to other tangible benefits and participate in the Hong Kong Stock Exchange's provident fund.
It is understood that Nicolas Aguzin, the CEO of HKEX Group, decided not to seek renewal at the end of last year, with his contract originally set to expire this May. However, on the eve of the Lunar New Year, the Hong Kong Stock Exchange announced that Nicolas Aguzin had informed the board of directors that the transition was proceeding smoothly and they both agreed to extend his tenure as the Group CEO and a member of the board of directors until February 29, 2024.
On February 9, the Hong Kong Stock Exchange announced that, given Nicolas Aguzin's decision to expedite the CEO succession process, the HKEX board of directors confirmed the appointment of Laura Cha as the Group CEO of HKEX, effective March 1, 2024, for a term of three years until February 28, 2027.
Several industry insiders have indicated that Laura Cha has experience during the golden age of Hong Kong IPOs, is familiar with both the mainland Chinese and international markets, and also holds a positive attitude towards reform, which could potentially lead to the introduction of more reform initiatives in the future.