TMX Equities Head Cowan Exits Canada’s Largest Exchange Operator

Kevan Cowan has left his job as head of equities at TMX Group Ltd., marking the fourth key executive to depart Canada’s largest stock exchange in the past 18 months.

A successor for Cowan, who had been president of TSX Markets and group head of equities since 2008, will be announced in the coming days, TMX said in a statement. Cowan joined TMX in 2002, according to a company biography.

“Kevan’s accomplishments at TMX Group are both numerous and significant,” Lou Eccleston, chief executive officer at TMX, said in the release.

Tom Kloet, the previous chief executive, announced his retirement in March 2014, and was replaced by Eccleston in November. The departure of Brenda Hoffman, group head of information technology, was announced in June. A replacement for Hoffman, who will leave TMX effective July 31, has not been announced. Sharon Pel announced her retirement in August as group head of legal. Cheryl Graden was named her replacement in March.

TMX owns and operates the Toronto Stock Exchange, TSX Venture Exchange, Alpha and other markets, which made up about 73 percent of market share in Canada by volume as of June 30, according to data from the Investment Industry Regulatory Organization of Canada.

The firm has faced increasing competition in Canadian equity trading from new entrants such as Aequitas Innovations Inc.’s Neo Exchange, which opened in March.

A message left with Carolyn Quick, spokeswoman at TMX, wasn’t immediately returned.

TMX shares rose 0.4 percent in Toronto trading at 3 p.m. The stock is up 0.8 percent this year, compared with a 1.7 percent decline in the S&P/TSX Financials Index.