CEO steps down from LME post

Hong Kong Exchanges and Clearing Ltd. (HKEX) has announced that Matthew Chamberlain, CEO of the London Metal Exchange (LME) and group head of commodities, will be stepping down April 30. After serving nine years in management roles with the LME, Chamberlain will step aside “to pursue career interests outside of the group,” the LME says.

Adrian Farnham, CEO of the LME Clear platform, will become interim LME CEO and group head of commodities effective May 1. He will become a member of HKEX Management Committee and report to Group CEO, Nicolas Aguzin.

Farnham joined HKEX Group in 2013 and brings more than 30 years’ experience in financial markets and market infrastructure to the role, HKEX says. HKEX says it also will use the period ahead of Chamberlain’s departure “to select an appropriate interim LME Clear CEO, to ensure a smooth and effective handover.”

Aguzin says, “Over the last decade Matt has been instrumental in reinforcing the LME’s global leadership in the metals industry, overseeing the LME’s warehouse reforms, introducing new products and initiatives, such as London platinum and palladium prices and managing the business through various modernizations. More recently, at a time when sustainability is front and center, Matt has overseen the LME’s responsible sourcing program and the introduction of LMEpassport, initiatives that have not only shaped the LME’s business but have improved transparency, disclosure and attitudes towards sustainability across the global metals industry.”

Regarding Farnham, Aguzin comments, “I am delighted that in Adrian we have someone with the experience and knowledge to lead the LME. I am looking forward to continuing to work with him, and the rest of the team in the months ahead, as we continue to drive our business forward.”

Chamberlain says, “I have had the most rewarding and enjoyable decade with the LME, working with a team and a community that I love, and I am proud of the many things that we have achieved over that period. But it is now time for me to move on to new challenges. Adrian Farnham, who has worked alongside me at the LME for much of the last nine years, is an excellent choice as interim LME CEO and HKEX Head of Commodities, and I know that the market and my colleagues across the group will continue to do all they can to support him and the business in the future.”

HKEX and the LME board have convened a search committee and have begun a formal search process for the open positions, says the organization.