NZX CEO to stand down next year
(7 October 2011 – New Zealand) Stock exchange operator NZX chief executive Mark Weldon announced he would stand down next year.
Weldon is a former Olympic swimmer, leaving rumours rife about his replacement. Weldon will leave the Wellington-based bourse in the first half of 2012.
NZX chairman Andrew Harmos said Mark has effectively been founder, as well as leader, of NZX, as we now know it, since 2002.
"Under his stewardship, NZX has grown from a small and threatened mutual exchange to a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth.''
''Following the successful execution of NZX's second five-year strategic plan, Mark has indicated that the time is now right for him to leave the company. The Board respects his decision.
'We have been privileged to have someone with that amount of talent, energy and When Weldon began at the NZX it was posting annual losses and had a market capitalisation of just NZ$15 million (A$11.9 million)."
This year it is expected to return NZ$17.24 million in dividends to its shareholders, while its market capitalisation is around NZ$288 million.
Critics have said the commercial success of the exchange did not led to New Zealand's capital markets as a whole becoming stronger, with few new listings and an increasing number of large companies dual listing shares on the ASX.
Weldon said this morning: ''I have been privileged to have the opportunity to lead NZX throughout this time, working with wonderful, talented and passionate people who care deeply about our markets and the companies that depend on them to grow.
'Although it's been a very tough decision to leave, I know it’s the right time. The organisation is in such good shape, with momentum building that will provide a positive working environment for the next chief executive.''
NZX chairman Andrew Harmos said Mark has effectively been founder, as well as leader, of NZX, as we now know it, since 2002.
"Under his stewardship, NZX has grown from a small and threatened mutual exchange to a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth.''
''Following the successful execution of NZX's second five-year strategic plan, Mark has indicated that the time is now right for him to leave the company. The Board respects his decision.
'We have been privileged to have someone with that amount of talent, energy and When Weldon began at the NZX it was posting annual losses and had a market capitalisation of just NZ$15 million (A$11.9 million)."
This year it is expected to return NZ$17.24 million in dividends to its shareholders, while its market capitalisation is around NZ$288 million.
Critics have said the commercial success of the exchange did not led to New Zealand's capital markets as a whole becoming stronger, with few new listings and an increasing number of large companies dual listing shares on the ASX.
Weldon said this morning: ''I have been privileged to have the opportunity to lead NZX throughout this time, working with wonderful, talented and passionate people who care deeply about our markets and the companies that depend on them to grow.
'Although it's been a very tough decision to leave, I know it’s the right time. The organisation is in such good shape, with momentum building that will provide a positive working environment for the next chief executive.''
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