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All change at HKEx with arrival of new chief executive, senior appointments
09 March 2010
Charles Li Xiaojia succeeded Chow Manyiu as chief executive of Hong Kong Exchanges and Clearing, in mid-January. Li will be the first chief executive of HKEx with a mainland Chinese background, having been educated in China and then the US. He was chairman of JP Morgan China from 2003 to 2009 and a non-executive director of the Shanghai Pudong Development Bank.
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Charles Li Xiaojia
Chow Manyiu
Hong Kong Exchanges and Clearing
HKEx
His three year contract includes an annual salary of HK$7.2m
($928,000) and a performance-related discretionary bonus, to be recommended by
the remuneration committee and approved by the board, according to the HKEx.
Li will become a board member and director of all HKEx’s
subsidiaries. He will sit on the executive committee and chair the corporate
social responsibility committee of HKEx, as well as joining the listing
committee and GEM listing committee of the Stock Exchange of Hong Kong.
Separately Romnesh Lamba started as executive vice
president, market development, and Stewart Shing as adviser at the exchange in
early February. Both positions are newly created and both report directly to
Charles Li.
Lamba will also become a member of the senior management
committee.
Shing has almost 40 years’ experience in the industry. He
was HKEx’s head of clearing between 2003 and 2009 until he retired last year.
He was chief executive of the Hong Kong Securities Clearing
Company between 1996 and 2001.
Lamba has 25 years’ industry experience, and worked in
America before moving to Hong Kong in 1994. He has held positions in Asia with
JP Morgan and Merrill Lynch.