Canada’s leading exchange, TMX Group Ltd., is looking for a new leader, following the news that CEO, Thomas Kloet, intends to retire from the firm at the end of August.
The TMX (TSX:X) says that its board has formed a search committee to find his replacement; and that the search, which will consider both internal and external candidates, is to begin immediately.
Kloet took the helm of TMX Group Inc. back in 2008. It later changed its name to TMX Group Ltd. in 2012 with the acquisition of the TMX by the Maple Group consortium — a deal that transformed the trading landscape in Canada by merging the dominant trading venue, TMX, with its chief rival, Alpha, and the industry’s clearing and settlement company, The Canadian Depository for Securities Ltd. The deal followed a failed attempt to merge TMX with the London Stock Exchange.
In a statement, Chuck Winograd, chair of the TMX board, congratulated Kloet on his planned retirement. “Tom leaves behind a strong management team who will continue to execute on the organization’s growth strategy,” he said.
“The exchange industry has been my passion for more than 30 years, and it has evolved rapidly in recent years. I have been privileged to have had the opportunity to be part of the exciting emergence of TMX Group as Canada’s national exchange group and a partner of companies the world over,” said Kloet.