The Hong Kong Exchanges and Clearing (HKEX) will be under the leadership of Alejandro Nicolas Aguzin from Monday onwards, the first non-Chinese speaking head in the bourse’s 21 year history.
The Argentinian replaces outgoing chief executive Charles Li and will serve as CEO for a three year term ending in May 2024, the HKEX announced.
"His broad experience in greater China, the Americas and globally, makes him extremely well-placed to lead the HKEX as we enter a post-COVID world, with the many opportunities and challenges that this will bring," exchange chairman Laura M Cha said in a statement.
Aguzin, 52, joins the HKEX from JP Morgan, where he spent more than 30 years in various leadership, most recently overseeing the bank’s international wealth management business.
He is set to receive a HK$10 million basic annual salary with an additional HK$96.05 million in shares - the highest compensation package among HKEX heads to date.
But Aguzin will have his work cut out. Last year, more than 150 companies listed at the bourse — setting a new fundraising record of roughly HK$400.2 billion ($51.5 billion) — and this number is expected to be surpassed again this year on the back of mainland secondary listings.
Rising political tensions between China and the U.S. have led dozens of mainland firms to be forcibly delisted stateside, leading many to make Hong Kong their new home.
It also remains to be seen how Aguzin will tackle the stamp duty increase proposed earlier this year by Financial Secretary Paul Chan Mo-po. In February, Chan announced plans to raise tariffs on stock transactions by 0.13%, resulting in a sell-off and sending HKEX briefly down.
