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05 February 2010
The London Metal Exchange announces that its Chairman, Donald Brydon, is to step down in the next few weeks to concentrate on his roles with Royal Mail and Smiths Group. Donald Brydon was appointed Chairman in September 2003 and since that time has presided over a capital restructuring, the first dividend payment and a significant growth in traded volumes and new contract launches. A search is underway for his successor.
Donald Brydon said, "It has been a privilege to have presided over the successful evolution of the LME in the last few years. I am particularly pleased that the LME was able to navigate through the recent financial crisis without any difficulty and with a significant increase in volumes traded. It has an excellent management team and I am confident of its continued success."
Martin Abbott, LME Chief Executive, said, "The LME has undergone significant change during Donald Brydon’s time as Chairman. The company is more professional than ever and the move to a commercial model has transformed the business. Donald’s strong leadership and broad experience has been much appreciated by the board and staff of the Exchange and we will be sorry to see him go. We have known for some time that a successor would be required and the process of finding the right person is well advanced; we are confident the management process and systems that Donald put in place will ensure a smooth transition to a new Chairman.”
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For further information or to speak to an LME spokesperson, please contact:
Stephen White
Business Manager Corporate Affairs
t. +44 (0)20 7264 1701 / +44 (0)7980 661 724
e. stephen.white@lme.com
John Parry - RostronParry
t. +44 (0)207 490 8062 / +44 (0)7802 292251
e. john@rostronparry.com
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The London Metal Exchange is the world's premier base metals market. It offers metals price risk management tools including futures and options contracts for aluminium, copper, tin, nickel, zinc, lead, aluminium alloy and NASAAC, steel billet, plastics and the minor metals - cobalt and molybdenum. In 2009, the total value of trading was $7.41trillion, and the Exchange finished the year with 5.96m tonnes of material on warrant in 633 storage facilities across 39 locations globally.
http://www.lme.com/
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