The chief executive of Johannesburg stock exchange JSE Ltd, Nicky Newton-King, will retire at the end of September after eight years at the helm of Africa‘s biggest securities exchange, the bourse said on Tuesday.
“During 2018 Nicky indicated to the board a desire to step down, both for reasons of good governance and after such a long career at the JSE,” Chairman Nonkululeko Nyembezi said in a statement.
She made her decision “so that the next stage of the JSE’s journey could be led by someone new,” Nyembezi said.
The board has appointed Commonwealth Bank of Australia executive Leila Fourie as group CEO with effect from October 1, the firm said.
Read the full announcement below
Retirement of CEO and appointment of new CEO
(Incorporated in the Republic of South Africa)
(Registration number: 2005/022939/06)
Share Code: JSE
ISIN Code: ZAE000079711
(‘JSE’ or ‘the Group’)
RETIREMENT OF CEO AND APPOINTMENT OF NEW CEO
In compliance with paragraph 3.59 of the JSE Listings Requirements,
shareholders are advised that Nicky Newton-King will retire as Chief
Executive Officer of the JSE on 30 September 2019. The Board has appointed
Dr Leila Fourie as Group Chief Executive Officer, effective 1 October 2019.
Nicky Newton-King – retiring Chief Executive
Nicky has been Chief Executive for the past eight years, having previously
served as the JSE’s Deputy CEO for eight years and, prior to that, in
various other executive roles in a 23 year career at the JSE.
In this time, Nicky has driven significant milestones, not least the
demutualisation and listing of the JSE, the acquisition of the SA Futures
Exchange and the Bond Exchange of SA, and the joint venture with
FTSERussell. As CEO, Nicky has also led the Group through the successful
implementation of a number of major technology projects which have
fundamentally transformed the JSE’s trading and clearing service offerings
and has championed the importance of business being a socially responsible
participant on matters critical to the National agenda. These initiatives
have contributed substantially to the JSE’s positioning as a leading,
multi-asset class exchange, and have enabled the significant growth
experienced by the JSE over the past decade.
Nonkululeko Nyembezi, JSE Chairman notes that: ‘During 2018 Nicky indicated
to the Board a desire to step down, both for reasons of good governance
and after such a long career at the JSE, so that the next stage of the
JSE’s journey could be led by someone new. The Board has, with great
regret, accepted her decision. The Board joins me in thanking Nicky for
putting her heart and soul into the JSE over the past 23 years. She leaves
the JSE stronger, more diverse, more technologically advanced, commercially
savvy and client focused; well positioned to continue building on its
successes in the current landscape.’
Nicky Newton-King notes that: ‘It has been the privilege of a lifetime to
lead the JSE. Having led and been involved in so many of the JSE’s key
strategic initiatives over the last 23 years my finger prints are on much
of the DNA of the JSE today. But, after eight years as Deputy CEO and eight
years as CEO, I feel it is appropriate to step down – there is a time at
which a CEO needs to step back and allow an institution to be led by a new
energy and that time, for me, is now.’
Nicky will be available to the JSE and to Leila until the end of 2019.
Dr Leila Fourie – incoming Group Chief Executive
Following an extensive search, the Board is delighted to announce that
Leila Fourie has been appointed as CEO with effect from 1 October 2019.
Leila is a seasoned business executive having previously served as an
executive director of the JSE, and her career of more than 25 years spans
the capital markets, payment systems, consulting, investment banking and
retail banking. Through the course of her career, Leila has held senior
executive positions and directorships of global portfolios and local and
Leila holds a PhD in Economic & Financial Sciences and is a Graduate of
the Australian Institute of Company Directors (GAICD).
Nonkululeko Nyembezi notes that: ‘Leila has extensive and diverse
experience in local and multinational companies, including Commonwealth
Bank of Australia, the Australian Payments Network, Accenture and Standard
Bank. Leila brings a wealth of experience in capital market products and
technology to the JSE and so it is a particular pleasure to welcome her
back to the JSE and South Africa.’
‘I am thrilled to be returning to the JSE and look forward to working with
the JSE team to continue building the JSE’s position as a leading emerging
market exchange,’ says Leila Fourie.
30 July 2019
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 30/07/2019 03:55:00
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