11 JUNE 2013www.malaya.com.ph
London Metal Exchange chief to quit after HK sale triumph
Edited by : AL CIRCLE
1 min read
Martin Abbott quit as chief of the London Metal Exchange, six months after triumphantly steering a sale to Hong Kong owners of the world’s biggest marketplace for materials such as copper and zinc.
While admirers and critics credit him for persuading the 137-year old London institution’s fractious shareholders to accept the $2.2 billion takeover by Hong Kong Exchanges and Clearing, he leaves boiling controversy over an LME warehouse system that constantly frustrates industrial users.
“He takes with him the knowledge that he achieved 98.6 percent shareholder support for the sale, which is an amazing accolade,” brokerage Sucden’s Chief Executive Michael Overlander said.
“But he also takes with him the knowledge that there is still a topic that preoccupies a lot of people’s time under his leadership.”
Abbott’s resignation, effective at the end of this year, was announced by both the LME and by HKEx, where he was co-head of global markets, which said he was leaving to pursue other opportunities.
While admirers and critics credit him for persuading the 137-year old London institution’s fractious shareholders to accept the $2.2 billion takeover by Hong Kong Exchanges and Clearing, he leaves boiling controversy over an LME warehouse system that constantly frustrates industrial users.
“He takes with him the knowledge that he achieved 98.6 percent shareholder support for the sale, which is an amazing accolade,” brokerage Sucden’s Chief Executive Michael Overlander said.
“But he also takes with him the knowledge that there is still a topic that preoccupies a lot of people’s time under his leadership.”
Abbott’s resignation, effective at the end of this year, was announced by both the LME and by HKEx, where he was co-head of global markets, which said he was leaving to pursue other opportunities.
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