Charles Li will step down as HKEX Chief Executive on 31 December 2020, but remain as Senior Advisor to the Board for six months.
Charles Li has formally informed the Board of Directors of HKEX (Hong Kong Exchanges and Clearing) of his wish to retire from his role as Chief Executive Officer.
“Being Chief Executive of HKEX has been the highlight of my career to date,” Li said. “I have been privileged to work with some exceptional colleagues in creating a business that is now at the forefront of global financial markets, connecting one of the largest and most exciting economies in the world, and underpinning the future of Hong Kong’s vibrant and international financial community.”
“There is never a perfect time to stand down from a great company such as HKEX, but given the strength of our business as well as our markets, it is now the right time for me to begin to pass the mantle to the next generation of HKEX leaders.”
In May, Li had indicated his intention not to seek reappointment as at the end of his current contract in October 2021.
HKEX said in a statement that he will remain Chief Executive and an ex-officio member of the Board until 31 December 2020. Effective 1 January 2021, he will take up the role of Senior Advisor to the Board for 6 months, continuing to provide guidance, and ensuring a smooth transition.
“The Board would like to express its sincere gratitude to Mr Li for his outstanding contribution and strong leadership over the past 11 years,” the statement reads. “During Mr Li’s tenure as Chief Executive, HKEX has successfully transformed from a regional stock exchange into one of the world’s premier market infrastructure groups.”
Calvin Tai, HKEX’s current Co-President and Chief Operating Officer, will be appointed as Interim Chief Executive and ex-officio member of the Board, effective 1 January 2021. Tai has been with HKEX since July 1998. He will continue his existing roles concurrently with his appointment as Interim Chief Executive.
“The Board is confident that, under Mr Tai’s leadership, HKEX will continue to successfully deliver upon its business objectives as set out in the 2019-2021 strategic plan, and that the Group’s operations will continue to benefit from strong oversight and execution,” the statement says.
A selection committee led by HKEX Chairman Laura M Cha, with Directors Apurv Bagri, Benjamin Hung and Rafael Gil-Tienda, has been formed to conduct a formal search process for a new HKEX Chief Executive.
“On behalf of the HKEX Board and Hong Kong’s financial community, I would like to thank Charles for his visionary leadership. He has played a pivotal role in the growth of Hong Kong’s capital markets, and has ensured HKEX is very well-placed for the opportunities, and challenges, ahead,” Cha said, also welcoming Tai to the role of Interim Chief Executive.
“His broad knowledge of global markets, his thorough understanding of our business and his commitment to the success of Hong Kong’s financial community will be invaluable to us as he takes on this important role. We are extremely lucky to have someone of his calibre and experience within our company.”