HKEX appoints Calvin Tai as interim CEO

Maria Nikolova

Charles Li is set to step down as Chief Executive on December 31, 2020, but to remain as Senior Advisor to the Board.

Charles Li has informed the Board of Directors of Hong Kong Exchanges and Clearing Limited (HKEX) of his plans to retire early from his role as the Chief Executive of HKEX.

Mr Li will remain as the Chief Executive of HKEX and an ex-officio member of the Board until the end of December 2020. Effective January 1, 2021, he will take up the role of Senior Advisor to the Board for 6 months, continuing to provide guidance, and ensuring a smooth transition.

The Board announces the appointment of Calvin Tai as Interim Chief Executive of HKEX and ex-officio member of the Board, effective 1 January 2021, following Mr Li’s retirement as the Chief Executive of HKEX, and an ex-officio member of the Board on 31 December 2020.

Pursuant to section 70 of the Securities and Futures Ordinance, the appointment of Mr Tai as the Interim Chief Executive of HKEX has been approved in writing by the Securities and Futures Commission.

Mr Tai is currently Co-President and Chief Operating Officer of HKEX and will continue in these roles concurrently with his appointment as Interim Chief Executive. Mr Tai joined the HKEX group (the Group) in July 1998 and has extensive experience and deep knowledge of the Group. The Board is confident that, under Mr Tai’s leadership, HKEX will continue to successfully deliver upon its business objectives as set out in the 2019-2021 strategic plan, and that the Group’s operations will continue to benefit from strong oversight and execution.

As set out in the announcement dated 7 May 2020, a selection committee, led by HKEX Chairman, Laura M Cha, with HKEX Directors, Apurv Bagri, Benjamin Hung and Rafael Gil-Tienda, has been formed to conduct a formal search process for a new HKEX Chief Executive. Considerable progress has been made and an announcement will be made in due course.

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