Charles Li Xiaojia, Hong Kong Exchanges and Clearing Limited (HKEX)’s chief executive and board member, will retire on December 31, ten months before the end of his term, according to an HKEX filing on Tuesday. The exchange informed that Calvin Tai the current co-president and chief operating officer who joined in 1998, will be his successor.
Li will stay on as senior board advisor for sixth months, in order to assure an orderly handover.
“The board thanks Mr. Li for his outstanding contribution and leadership over the past 11 years,” reads the announcement. “During his tenure as CEO, HKEX grew from a regional exchange to one of the world’s leading financial infrastructure groups.”
Li joined HKEX on October 16, 2009 and served as chief executive since January 16, 2010. Prior to that, he was chairman of JP Morgan China during 2003 to 2009 and president of Merrill Lynch China from 1994 to 2003. During his tenure, he led HKEX’s acquisition of the London Metal Exchange in 2012, and launched the stock connect programs with Shenzhen and Shanghai.