Sunday, 18 April 2021

London Metal Exchange chief Garry Jones resigns

LONDON Metal Exchange (LME) Chief Executive Garry Jones is stepping down just over three years after being appointed to run the world’s largest and oldest metals market, parent company Hong Kong Exchanges and Clearing Ltd (HKEX) said on Monday. Jones is retiring from all his positions within the HKEX Group, including his positions at the LME and LME Clear, with immediate effect. He will be replaced in the interim by Matthew Chamberlain, the LME’s 34-year-old chief operating officer, until a permanent replacement is found, the bourse said in a stock exchange filing. Andrew Dodsworth, the LME’s head of market operations, has been appointed interim COO. Jones will serve as an advisor to the LME until the end of the year, the bourse said. HKEX appointed Jones, a well-known industry veteran, CEO of the LME in August 2013, selecting the former top executive at the NYSE Liffe to help drive its expansion into commodities and beyond. Jones, with 30 years of experience in exchanges and financial services, but limited experience in metals, inherited a difficult role at a time when the LME was caught in a controversy over warehousing metals and its impact on consumers. The former NYSE Liffe executive also courted controversy during his tenure after the LME moved a year ago to hike fees by an average of 31 percent, angering the bourse’s members.

 

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