- Gay Huey Evans, CBE, to step down as LME Chair
- Will not seek Board re-election in 2023; remains in post to oversee transition
- LME to appoint two new independent non-executive directors
The London Metal Exchange (LME) today announces that the LME Chair, Gay Huey Evans CBE, will not seek re-election and will step down once a new Chair has been appointed. She will continue to support the Board and the Executive during the transition, after which she will become a senior advisor to the HKEX commodities business.
The LME Board has begun a global search for a new Chair and will update the market in due course. The committee is made up of the LME Board Directors Nicolas Aguzin, Laura M Cha, Antony Stuart and John Williamson.
The LME today also announces that, subject to FCA approval, two new independent non-executive directors, Martin Fraenkel and Pierre Vareille, will be appointed to the LME Board. They both bring deep industry expertise and considerable experience, and they will join the Board in Q1 2023.
Gay Huey Evans said: “In a period of significant change I have greatly appreciated the opportunity to chair the LME and to work so closely with the people who play such a key part in the functioning of global markets.
“The LME plays a crucial role in a vital industry and we have achieved some great wins, particularly on sustainability, new tech infrastructure and diversity and inclusion. I’m immensely proud of the leadership we showed with LMEpassport, which has put the LME at the forefront of responsible sourcing, transparency and modernisation.”
Laura M Cha, HKEX Chairman said: “On behalf of the Group, I would like to thank Gay for her committed leadership as Chair of LME. We are very pleased that she will continue to stay as an advisor once a new Chairperson is appointed, supporting the ongoing development of the Group’s global commodities strategy.”
LME Chief Executive, Matthew Chamberlain said: “I would like to thank Gay for her support and partnership over the last three years. Together, with the Board and Management Team, we are fully focused on driving our business and our market forward, ensuring that we remain responsive to the broad needs of our diverse customer base and a vital and relevant pricing, trading and risk management centre to the global metals industry.”
Notes to editors
• Martin Fraenkel
Martin has had a diverse, broad international 40-year career in the commodities markets, holding roles across physical and financial markets. Most recently, he was President (CEO) of S&P Global Platts and a member of the Operating Committee of S&P Global Inc. Prior to that he was Managing Director, Global Head of Energy at CME Group. He was formerly Global Head of Commodities at Credit Agricole CIB and Managing Director and Global Head of Base Metals, Energy and Agriculture at JP Morgan Chase.
He holds a BA in PPE from the University of Oxford, an MA in International Affairs from The John Hopkins University and an MBA from INSEAD. He currently chairs the Boards of VAKT Global Ltd, a private blockchain business, and of the Academy of St Martin in the Fields, a leading orchestra. He has previously served, among others, on the Boards of CRISIL Ltd, which is listed on the Bombay Stock Exchange, and on the London Bullion Market Association Ltd; and also chaired the London Gold Market Ltd.
• Pierre Vareille
Pierre has extensive experience of the metals sector both as an executive and non-executive, across the full value chain. He was formerly CEO of Constellium, a global aluminium products manufacturer; and Wagon, a car parts manufacturer. He previously worked for both Pechiney and Alcan, gaining in-depth experience of aluminium processing. He is currently Vice Chairman of the Board of Vallourec S.A. and Verallia S.A., both listed in France; and sits on the Board of Outokumpu, which is listed in Finland. From 2017 until 2019, he served on the Board of London-listed Ferroglobe, one of the world's leading suppliers of silicon metal, silicon-based and manganese-based speciality alloys.
Pierre has a Masters in Engineering from the École Centrale Paris, and a Masters from the Institut d'Études Politiques de Paris.