LME NEW CHAIRMANSHIP

LONDON METAL EXCHANGE ANNOUNCES NEW CHAIRMANSHIP

Gay Huey Evans CBE announced that he will not stand for re-election as chairman of the London Metal Exchange (LME). Therefore, after a new president is appointed, she is scheduled to retire from office. However, it does not mean the end of the relationship between the two parties, as she will continue to provide support as a senior advisor to the commodities business at HKEX.

The LME has initiated a search for a new chairman and is expected to release market developments in due course. The team that is choosing the new president who will assume the responsibilities consists of Nicolas Aguzin, Laura M Cha, Antony Stuart and John Williamson.

The LME has also announced that, subject to FCA approval, two new independent non-executive directors, Martin Fraenkel and Pierre Vareille, will be appointed to the LME Board. Both bring deep industry expertise and considerable experience, and will join the Board in the first quarter of 2023.

Gay Huey Evans added: “In a period of significant change, I have greatly appreciated the opportunity to chair the LME and work so closely with the people who play such a key role in the functioning of global markets. The LME plays a crucial role in a vital industry and we have achieved some great victories, particularly in sustainability, new technology infrastructure and diversity and inclusion. I am immensely proud of the leadership we showed with LMEpassport, which has put LME at the forefront of responsible sourcing, transparency and modernization.”

Laura M Cha, the head of HKEX, reiterated that, “On behalf of the Group, I would like to thank Gay for her committed leadership as LME Chair. We are very pleased that she will continue as an advisor once a new chairman is appointed, supporting the continued development of the Group’s global commodity strategy.”

On the other hand, LME director Matthew Chamberlain concluded by noting that “I would like to thank Gay for his support and partnership over the past three years. Together, with the board and management team, we are fully focused on driving our business and our market forward, ensuring that we continue to respond to the broad needs of our diverse customer base and a vital and relevant pricing, trading and risk management center for the global metals industry.”