TMX Group Ltd., the operator of the country’s largest stock market, says CEO Tom Kloet will stay on until Oct. 31 after initially announcing that he would retire at the end of August.

The company, which owns the Toronto Stock Exchange, the TSX Venture exchange, the Montreal derivatives market and others, said Kloet has agreed to stay on for an additional two months as the TMX continues to search for his replacement.

Kloet was originally slated to leave Aug. 31.

The company said its board of directors has set up a search committee and is actively consider internal and external candidates.

Kloet joined the TMX Group (TSX:X) in 2008, shortly after its merger with the Montreal Exchange and as the industry headed into a period of consolidation.

For the past year, the TMX has been struggling to expand and diversify its services as it deals with either flat or declining numbers of new companies listing on the Toronto Stock Exchange.