Come July 2015 a new CEO will have been appointed, taking from the current Swedish CEO for the Singapore Exhange (SGX.) Mr Magnus Böcker is not seeking extension of his appointment beyond his current contract (ending in June.) He was appointed to the prominent role on 1 December 2009.
The Board is moving forward with its CEO succession plan and is assessing internal and external candidates on a short list.
“It has been an honour to lead the extraordinary people at SGX for more than half a decade. I am proud of our accomplishments in expanding SGX both in Singapore and internationally, especially for Asian equity index derivatives. But there is a time and season for everything, and it is now time for me to take on new challenges. I am confident that what we have built at SGX will endure and continue to serve the market well,” said Mr Böcker.
SGX Chairman Mr Chew Choon Seng said, “The Board understands Magnus’ considerations and respects his decision. We appreciate and thank Magnus for his contributions and leadership over an eventful and rapidly changing period, and wish him the best in his future endeavours. We will work towards a smooth leadership transition.”
As recent as in November 2014 the stock marketing in Singapore had a delay in trading due to a power breakdown. The Monetary Authority of Singapore in response commented that the latest (it happened previously) SGX lapse was “unacceptable” and ordered the exchange operator to conduct a thorough review.
Its SEO then said that SGX was taking full responsibility for the latest trading delay to hit the stock market and extended an apology to its securities members and their customers.
“We are reviewing our processes to prevent any recurrence. Our priority is in rebuilding the trust that our members and customers in us, and we seek their understanding and patience,” he told Sraitstimes.
Mr Böcker has nearly three decades of leadership experience in the exchange industry, including being president of NASDAQ OMX, spearheading the creation of OMX (the Nordic Exchanges Company), and subsequently playing a key role in the merger of OMX and Nasdaq in 2008.
During his tenure with OMX, Mr Böcker served in various capacities, including as CFO, COO and President of the OMX Technology division, before he became CEO of OMX in 2003. Under his leadership, OMX became the world’s largest provider of technology solutions for exchanges and clearing organisations.
Mr Böcker is a member of the Shanghai International Financial Advisory Council. He sits on the council of the Institute of Banking and Finance in Singapore, and is Chairman of its Investment Committee. He is also on the council of the Singapore Business Federation, and serves on the Advisory Board of the Sim Kee Boon Institute for Financial Economics at Singapore Management University. In addition, Mr Böcker is the Chairman of Singapore’s Diversity Action Committee, which champions board diversity.