Hong Kong Exchanges and Clearing Ltd. or HKEx announced Wednesday the appointment of Charles Li, chairman of JPMorgan China, as its next chief executive officer effective January 16, 2010. Li has also been appointed as an ex-officio member of the HKEx Board. Li succeeds Paul Chow, who would retire from the position on January 15, 2010 after six years of service. HKEx announced in March 2008 that Chow planned to retire in 2010.
In a statement, HKEx chairman, Ronald Arculli said, "He will leave HKEx in a strong position to build on the solid foundation established during his tenure. The executive management team and the staff will continue to ensure the smooth and efficient operation of HKEx under Paul's successor."
However, Li would join HKEx on October 16, 2009, in order to ensure a smooth transition this year. The company is already in receipt of a written approval from the Securities and Futures Commission, as required under Section 70 of the Securities and Futures Ordinance, for the appointment of Li.
Li, with about 20 years of investment banking and legal experience, is currently and since 2003, serving as the chairman of JP Morgan China, a unit of JPMorgan Chase & Co. (JPM). Prior to joining JPMorgan, Li served as managing director and president, China at Merrill Lynch, where he served for eight years.
Earlier, Li worked for international law firms in New York and international investment banks in Beijing, Hong Kong and New York. Li also worked at two major New York law firms in the early 1990s after studying in the US and was a Beijing-based editor and reporter for China Daily in the mid-1980s. Li was an oil worker in Bohai oil field in the late 1970s.
Additionally, HKEx also announced the renewal of contract of Chief Operating Officer Gerald Greiner for a further three years from February 13, 2010, when it expires. Further, Head of Issuer Marketing Lawrence Fok, as well as Head of Legal Services and Chief Counsel Mary Kao agreed to continue their services at HKEx until August 31, 2012, and July 31, 2010 respectively. Fok and Kao would reach the standard retirement age in the third quarter of this year.
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