Toronto Stock Exchange CEO to Retire After Six Years

March 18 (Bloomberg) -- TMX Group Ltd. said Chief Executive Officer Thomas Kloet will retire from the owner of the Toronto Stock Exchange six years after assuming the post.

Kloet, 55, will leave effective Aug. 31, according to a statement yesterday from the Toronto-based exchange operator. The TMX board is looking for a replacement. Spokeswoman Carolyn Quick said Kloet wasn’t available for an interview.

He oversaw TMX during a takeover battle between London Stock Exchange Group Plc and a consortium of Canadian financial institutions. The latter group ultimately succeeded in taking control of the company, which also owns the Montreal Exchange, a clearinghouse, and the alternative trading venue Alpha Group.

“The exchange industry has been my passion for more than 30 years, and it has evolved rapidly in recent years,” Kloet said in the statement from TMX. “I have been privileged to have had the opportunity to be part of the exciting emergence of TMX Group as Canada’s national exchange group and a partner of companies the world over.”

Before joining TMX in 2008, Kloet was chief operating officer at brokerage Fimat USA LLC and its successor, Newedge USA LLC. In 2000, he oversaw the initial public offering of Singapore Exchange Ltd. as CEO of the bourse.

TMX rose 0.9 percent to C$52.02 at 11:11 a.m. in Toronto and has dropped 7.3 percent over the past 12 months. That compares with a 12 percent gain in the broad Standard & Poor’s/TSX Composite Index over the same time.

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