Stockmarket

LME chief Matt Chamberlain to step down in April



© Reuters. FILE PHOTO: Matt Chamberlain, chief executive officer of the London Metal Exchange (LME), attends the LME Asia Week in Hong Kong, China May 7, 2019. REUTERS/Tom Daly

LONDON (Reuters) -London Metal Exchange (LME) Chief Executive Matt Chamberlain will step down in April to pursue interests outside the exchange, it said on Friday.

Chamberlain, a former banker who has been at the LME for nine years, oversaw modernisation of the world’s largest and oldest metal exchange and its foray into cleaning up global supply chains.

Adrian Farnham, currently head of LME Clear, will take over as interim CEO in May, the exchange said in statement.

The LME is owned by Hong Kong Exchanges and Clearing (HKEX) and has Europe’s last open-outcry trading ring.

Farnham has more than 30 years of experience in financial markets and market infrastructure, the LME said.

HKEX and the LME board have begun a formal process to look for Chamberlain’s replacement, the exchange said.

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