Hong Kong Exchanges & Clearing CEO Nicolas Aguzin will leave the company at the end of his three-year contract, and will be succeeded by co-chief operating officer Bonnie Chan.
Chan, 54, will become the first woman to take the top job at the exchange, starting in May, HKEX said in a filing Friday. She rejoined HKEX and was head of the listing division since 2020 before being elevated to co-COO in February.
Aguzin, a former JPMorgan Chase & Co executive, led the bourse during one of the toughest spells in its history. He presided over six consecutive quarterly profit declines as global economic concerns, curbs to combat Covid, and a crackdown on private enterprise in mainland China choked off trading and initial public offerings.
“Over the next few months, I will work closely with my team to ensure a smooth and seamless transition of leadership at the group,” Aguzin said in a statement.
Aguzin informed the board he wouldn’t seek reappointment when his contract ends in May, according to the HKEX statement. The Argentinian executive, who would often go by his nickname “Gucho,” wrote in a LinkedIn post that he’ll take some time to “reflect, regroup and make plans for the future.”
IPO deals in Hong Kong, once one of the leading global markets for new offerings, are on track for the slowest year in more than two decades. Cash equity trading this year was down 16% compared to last year.
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Aguzin took over from fellow JPMorgan alumnus Charles Li, who tied Hong Kong markets closer to China via the landmark Stock Connect. Under Aguzin’s watch, trading links were expanded to include interest rate swaps and exchange-traded products. He also ushered in yuan counter trading to boost the use of the Chinese currency.
Other changes included a speedier IPO settlement platform and enabling block trades via Stock Connect.
Still, HKEX’s share price has slid 54% from a peak in early 2020 shortly before Aguzin took over.
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Aguzin was paid a total of HK$24 million in 2022, excluding share awards.
Chan was previously partner at law firm Davis Polk & Wardwell LLP, serving clients including Tencent Holdings Ltd. The Harvard University-educated Chan also led the IPO Transactions Department in a previous stint at the bourse.
She was paid HK$9.1 million last year as head of listing. A keen equestrian, Chan also owns the race horse Oversubscribed, a five-time winner over the past five seasons.
Wilfred Yiu, who’s co-COO alongside Chan, will become deputy chief executive in May. He will be co-COO with Vanessa Lau, who will also stay on as group chief financial officer .
