Singapore Exchange (SGX) has appointed Nasdaq OMX president Magnus Böcker as its next CEO, replacing Hsieh Fu Hua, whose term expires in September.
Böcker will step down from his position at Nasdaq OMX on 2 September and take the helm of SGX in December. Hsieh has agreed to stay on until Böcker takes office. He has run SGX for the past six-and-a-half years.
In his position as president, Böcker was responsible for listings, corporate services and market technology. His responsibilities will be assumed by Bruce Aust, currently executive vice president of the global corporate client group, and Anna Ewing, executive vice president and chief information officer, who will lead the market technology unit.
Böcker became president of Nasdaq OMX following the merger of Nasdaq and OMX in February 2008. He was previously CEO of OMX, a position he assumed in 2003 after serving a variety of roles during his 22-year tenure at the firm, including chief financial officer, chief operating officer and president of the technology division.
“Magnus built a groundbreaking, successful exchange and technology company in OMX, and he has played an integral role in the successful merger of Nasdaq OMX,” said Bob Greifeld, CEO of Nasdaq OMX. “We are grateful for his valuable contributions over the last 18 months, including executing on our successful integration as well as his achievements in moving our listings and market technology business forward.”
Commenting on Hsieh’s departure from SGX, J Y Pillay, chairman of the exchange, said, “To say we are sorry and saddened by Fu Hua’s imminent departure is an understatement. He has served us with great distinction for six-and-a-half years. That was a strenuous, albeit exhilarating, period for him and his colleagues. Fu Hua deserves his break.”