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Charles Li to bring forward his retirement amid ‘good progress’ in search for new chief executive of Hong Kong Stock Exchange
- HKEX has made good progress in search for a new chief executive, chairwoman Laura Cha says
- HKEX’s Calvin Tai will take Li’s place on an interim basis from January 1
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Charles Li Xiaojia will bring forward his retirement and step down as the head of Hong Kong’s stock exchange operator 10 months before his contract expires, in a surprise announcement that fuels speculation about his successor at the helm of Asia’s third-largest stock market.
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Li’s right-hand man at Hong Kong Exchanges and Clearing, Calvin Tai, will take his place on an interim basis from January 1, while the search continues for a permanent replacement.
Li, who turned 59 in March and is one of the longest-serving chief executives of a global financial marketplace, informed HKEX’s board on Tuesday that he wished to retire from the role on December 31 the exchange said in a filing.
In a surprise announcement in May, Li said he would not renew his contract when it expires in October next year and that he might leave earlier if HKEX finds his successor.
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“For Li to retire earlier than scheduled may mean that HKEX has already found a potential successor. It may also be because Li has found a new job,” said Christopher Cheung Wah-fung, a lawmaker representing the financial services sector.
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