The exchange said Brydon was “to step down in a few weeks’ time to concentrate on his work at Royal Mail and Smiths group”.

After his appointment in 2003 he has presided over a capital restructuring, the first dividend payment and a significant growth in traded volumes and new contract launches.

The LME said a search was on its way for Brydon’s successor.

LME chief executive Martin Abbott said: “The LME has undergone significant change during Donald Brydon’s time as chairman. The company is more professional than ever and the move to a commercial model has transformed the business. Donald’s strong leadership and broad experience has been much appreciated by the board and staff of the Exchange and we will be sorry to see him go.

“We have known for some time that a successor would be required and the process of finding the right person is well advanced; we are confident the management process and systems that Donald put in place will ensure a smooth transition to a new chairman.”

Separately, the London Metal Exchange has promoted Chris Evans to the newly created post of head of business development as part of a restructuring of its commercial department. Before that he was a manager of new products.

Evans will continue to oversee product management and handle member relations, new memberships, analytics and media relations.

In a further shake up to the communications department, Catherine Markey, the LME’s current head of education, has also been handed the exchange’s marketing brief. She will oversee LME Metals Week in October.

Both will report to LME chief executive Martin Abbott.