NZX CEO to change in 2012

NZX CEO to change in 2012

6 October, 2011 - NZX announces that CEO Mark Weldon has advised the NZX Board of his intention to step down as CEO during the first half of 2012, after nearly 10 years in the role.

“Mark has effectively been founder, as well as leader, of NZX, as we now know it, since 2002. Under his stewardship, NZX has grown from a small and threatened mutual exchange to a thriving information, markets and infrastructure business, with a range of integrated business lines, a healthy balance sheet and a valuable set of options for future growth,” said NZX Chairman Andrew Harmos.

“Following the successful execution of NZX’s second five-year strategic plan, Mark has indicated that the time is now right for him to leave the company. The Board respects his decision. We have been privileged to have someone with that amount of talent, energy and commitment as the driving force behind NZX’s first critical decade.

“NZX is in extremely good heart, with the Derivatives Market growing exponentially over the past 12 months, the Clearing House, Agri Information and Energy businesses functioning very strongly and, for the first time, the macro settings for savings, tax and investment equally strong, providing a welcome tailwind,” said Harmos.

During the period of Mark's leadership the organisation has grown from a 2002 position of revenues of $10.4 million, a loss of $500,000, no dividends and a valuation conducted at $15 million, to its current position of operating profit approaching $30 million, dividends in 2011 of $17.24 million and a market capitalisation of around $288 million. By the eighth anniversary of its listing, NZX had generated a total return to shareholders of 535%, or 24% per annum.

“Given the strength of the organisation and the wind that is now at our backs, I believe this is very close to an optimal time for both the individual and the organisation,” said Harmos.

Mark Weldon said, “I have been privileged to have the opportunity to lead NZX throughout this time, working with wonderful, talented and passionate people who care deeply about our markets and the companies that depend on them to grow. Although it’s been a very tough decision to leave, I know it’s the right time. The organisation is in such good shape, with momentum building that will provide a positive working environment for the next CEO.”

Andrew Harmos said, "The Board thanks Mark for the commitment, results, and leading the NZX team to the position the company is now in. Mark has worked through a full business cycle with significant restructuring, and the challenges of major infrastructure builds and new market developments. He has determined to leave at a point where NZX is well positioned for the future.

“NZX now has a world class senior team and considerable strength across the bench on both sides of the Tasman. The organisation’s focus will remain on growing revenues and scale across the markets infrastructure in which we have invested. Mark has committed to work with Board and staff through the transition to new leadership.”

ENDS

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