Hong Kong Exchanges’ Yang Quits as Head of Mainland Development
Yang Qiumei will step down as head of mainland development on April 30 to join an international financial institution, according to an e-mailed statement from Hong Kong Exchanges & Clearing Ltd.
Mark Dickens, head of listing, has brought forward his planned retirement to March 1 from July, the bourse operator said in the statement. Hong Kong Exchanges previously announced that he would be succeeded by Chief Financial Officer David Graham.
The operator of the world’s largest exchange by market capitalization announced executive changes Jan. 7 after completing its $2.2 billion takeover of the London Metal Exchange, its first overseas acquisition, in December. The offer was priced at 181 times LME’s 2011 net income, making it the most expensive bourse merger over $1 billion. The LME is the venue for more than 80 percent of metals trading.
Yang joined the company in 2010 and directed the creation of the China Exchanges Services Company, a joint venture with the Shanghai and Shenzhen exchanges, according to the statement.
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