Foster's out the door

The New Zealand Stock Exchange is looking for a new managing director following the decision by incumbent, Bill Foster, to step aside.

Foster has tended his resignation to the board and it has been accepted. However, he will continue to run the exchange until a suitable replacement is found.

His resignation is not a huge surprise as the exchange, under Foster's management, has coped a fair amount of criticism in recent years. Plus when the exchange is demutualised later this year shareholders may have been keen to change the management team.

NZSE chairman Simon Allen Foster's resignation was appropriate given the strong position the NZSE had established in recent years.

Allen says demutualisation involved a new board, and new governance.

"Bill has recognised that the ideal time to appoint his successor is this year when the NZSE is performing well, significant changes are being made, and he can provide the necessary continuity in the transition".

Foster says he was committed to continuing his role in taking the exchange through demutualisation this year and building the necessary strength in the organisation to be ready for listing.

Allen expects considerable interest in Foster's position as it is a key role in the New Zealand capital market.

Foster will continue to assist the NZSE in its challenge of growing the business, particularly in its linkages with the rest of the world.

He will continue to be the NZSE's representative on the World Federation of Exchanges, where he currently chairs the working committee and is a member of the governing board.

The combinations of industry changes, regulatory changes and NZSE demutualisation impose a particularly heavy set of demands on the NZSE this year in addition to its continuing commitment to providing a high standard of service to the market.

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