Bonnie Chan, co-chief operating officer of the Hong Kong Stock Exchange (HKEX), has been appointed as the HKEX’s new chief executive officcer from May 24, 2024 for a term of three years until May 23, 2027. The move comes after current chief executive Nicolas Aguzin decided to not seek reappointment at the end of his current three year contract, according to a December 15 succession announcement from the HKEX.
Chan (pictured) is the first woman to take on the CEO role and will also become an ex-officio member of the board effective May 24, 2024, and the appointment of Chan has been approved by the Securities and Futures Commission (SFC).
Chan has over 30 years of experience in legal and financial services. She joined HKEX as head of listing in January 2020 and is currently co-chief operating officer of HKEX. Prior to joining HKEX, she was a partner of Davis Polk & Wardwell LLP from 2010 to 2019, where she oversaw a wide portfolio of clients in Hong Kong and across Asia. Prior to this, she served as the head of IPO transactions, listing division, HKEX from 2007 to 2010.
The board expressed its gratitude to Aguzin for his contribution and leadership over the last two and a half years “against a particularly challenging macro backdrop, shaped by Covid and weak global markets”, the statement said. During his tenure, Auguzin led efforts to promote HKEX internationally, opened new offices in New York and London and helped to deliver and enhance a series of products and platforms, including the growth in its derivatives and ETF markets, the statement said.
Aguzin also expressed his appreciation to the board for giving him the opportunity to lead the company since May 2021.
Laura Cha, HXEX’s chairman, said, “On behalf of the HKEX Board, I would like to thank Nicolas for leading HKEX during a very challenging period. He has played a major role in driving the promotion of Hong Kong’s financial markets internationally during this time, re-starting dialogue and connectivity in a post-Covid world and ensuring that HKEX was very much seen as open-for-business.”
In another move, the board has appointed Wilfred Yiu as HKEX’s deputy chief executive, also effective from May 24, 2024. Yiu will also continue to act as the co-chief operating officer of HKEX. Yiu will continue to hold positions as the chief executive of both The Stock Exchange of Hong Kong and Hong Kong Futures Exchange, which are direct wholly owned subsidiaries of HKEX.
Yiu has over 25 years’ experience in international capital markets. He joined HKEX in April 2019 and is currently co-chief operating officer of HKEX. Prior to joining HKEX, he was deputy chief executive officer and chief operating officer of Beijing Gao Hua Securities, a strategic partner of Goldman Sachs, and also chairman of Qian Kun Futures. Prior to this, Yiu was managing director, FICC at Goldman Sachs. Yiu has been a member of the Securities Compensation Fund Committee of the SFC since 2020.
In addition, Vanessa Lau has been appointed as the HKEX’s co-chief operating officer effective May 24, 2024. Lau will also continue to act as the group chief financial officer of HKEX. Lau has over 25 years’ experience in the financial services industry. She joined HKEX in October 2015. Prior to joining HKEX, she held various senior financial positions with Sanford C. Bernstein (Hong Kong) from 2011 to 2015, Alcoa from 2007 to 2011 and prior to this, with McKinsey & Company and PricewaterhouseCoopers (UK).
Commenting on the appointments, Chan said, “Bonnie is a well-known capital markets executive, having previously been a leading legal practitioner, and formerly head of HKEX’s listing division. She has an excellent understanding of HKEX’s business and its competitive landscape and has played a key role in the execution of the HKEX’s strategy over the last few years. I would also like to congratulate Wilfred on being appointed deputy chief executive, in addition to his current role of co-chief operating officer, and Vanessa, on being appointed co-chief operating officer, in addition to her current role of group chief financial officer.”
Chan said, “It is an honour to have been asked to become HKEX’s new chief executive officer, an organisation that I have worked for twice, and that I have had interactions with throughout my career. Nicolas has expertly led HKEX during a particularly turbulent few years in global markets, and I inherit a strong business that is well placed, both operationally and strategically.”
Chan added: “I would like to thank him for his leadership and personally wish him all the very best for the future. As the world pivots east, as exciting developments in new technologies and ways of working evolve and as we work together to address major challenges such as climate change and a fragile global economic backdrop, the opportunities for HKEX remain immense.”
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