New Zealand's stock market owner and operator, the NZX, has appointed Singapore-based New Zealander Tim Bennett as Chief Executive from May 7 to replace outgoing CEO Mark Weldon.
Bennett has been a partner in consulting firm Oliver Wyman’s Retail and Business Banking practice in Singapore and previously led Boston Consulting Group's strategy practice across Asia.
"He has advised a broad range of financial institutions on topics from strategy and organisational transformation through mergers and acquisitions," the NZX said.
Bennett worked with a number of different exchanges, governments and private companies in expanding domestic capital markets and developing new asset classes, the NZX said.
Bennett would focus on strengthening NZX's domestic markets, building its strategic options, particularly via the company's information, markets and infrastructure businesses, it said.
"This dual strategy, which combines development of New Zealand’s equities markets alongside complementary diversification into other domestic and offshore markets, has seen NZX’s performance outstrip global peers in recent years. Tim maintains a high degree of connectivity to Asian and other exchange operators, and is very familiar with Fonterra’s GDT offering, thereby bringing a strong international and domestic focus, particularly with regard to New Zealand’s leadership in agricultural markets," NZX said.
NZX chairman Andrew Harmos said he was pleased the global search for candidates attracted a high level of candidates, which he said was a credit to Weldon.
“It is particularly pleasing to attract a top expat Kiwi home to invest his considerable skills and experience, gained offshore, back in New Zealand,” said Harmos.
Bennett said the next few years provided a once in a lifetime opportunity to accelerate the development of NZX’s markets.
"I’m excited to be able to contribute to this development not only for the benefit of NZX’s shareholders, but for the country as a whole. New Zealand plays a key role in agricultural commodities globally and I’m looking (forward) to combining my experience with the foundation NZX has established in dairy futures to grow this area of the business," he said.
Bennett led BCG’s Malaysian business after the Asian financial crisis as well as BCG’s strategy practice in Asia Pacific, and was hired by Oliver Wyman to build its Retail and Business banking practice across Asia.
Bennett supported the development of the iron ore derivatives markets, which reached US$10 billion in cleared contracts three years after launch.
The iron ore derivatives market has been credited with a fundamental shift in the way price risk is managed within the global iron industry, the NZX said.