Bloomberg News

NZX Chief Executive Mark Weldon to Step Down Next Year

October 05, 2011

(Updates to add company comment in second paragraph.)

Oct. 6 (Bloomberg) -- NZX Ltd., which operates New Zealand’s stock exchange, said Chief Executive Officer Mark Weldon will step down in the first half of 2012.

“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,” Chairman Andrew Harmos said in a statement.

Weldon, 44, took on the role of chief executive in June 2002, leading the company’s initial public offering in 2003. He has overseen a fivefold increase in sales since starting at the Wellington-based stock exchange operator.

NZX shares have gained 54 percent this year, the best performer on the benchmark NZX 50 index. The stock was unchanged at NZ$2.36 at 10:37 a.m. in Wellington trading.

Weldon owns about 5 percent of NZX, according to a filing in June. He joined the company from McKinsey & Co. and previously was an attorney with Skadden, Arps, Slate, Meagher & Flom.

“Although it’s been a very tough decision to leave, I know it’s the right time, Weldon said in the statement. ‘‘The organization is in such good shape, with momentum building that will provide a positive working environment for the next chief executive.”

--Editors: Andrew Hobbs, Benjamin Purvis

To contact the reporter on this story: Tracy Withers in Wellington at twithers@bloomberg.net.

To contact the editor responsible for this story: Iain Wilson iwilson2@bloomberg.net


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