HKEx names new COO and alters corporate structure

Hong Kong Exchanges and Clearing (HKEx) has named Patrick Conroy as chief operating officer as from August 18. Conroy will replace Frederick Grede, who has not sought a renewal of his employment contract, which expires at the end of July.

Conroy will join HKEx from the World Bank, where he has worked since 1998. He is currently director for financial sector development and global partnerships. He is responsible for the management of operational units covering - but not limited to - securities and derivatives market developments, regulation and policy, debt market development and debt management practices.

Conroy is also responsible for the management of the joint World Bank/International Monetary Fund Financial Sector Assessment Programme.

Before moving to the World Bank, he worked at the Australian Stock Exchange and the Chicago Stock Exchange. In Hong Kong, he has been a senior director of the supervision of markets division at local regulatory body the Securities and Futures Commission (SFC). He has also held other executive positions in market supervision, research and policy while at the SFC from May 1991 to January 1997.

HKEx is seeking approval for Conroy's appointment from the SFC, as required under the Securities and Futures Ordinance.

In addition, Karen Lee, currently head of listing, regulation and risk management (LRRM) at HKEx, will replace David Cheung as chief financial officer, said the exchange. Cheung is leaving for personal reasons, said HKEx.

Lee will oversee finance, treasury and administration. As an interim arrangement, the risk management function of the LRRM division will be included with the finance, treasury and administration unit and will continue to be overseen by Lee.

The HKEx will be reorganised to strengthen the company's operational efficiency, said the exchange. As part of the change, the exchange business unit (EBU) and the LRRM unit will be merged under the listing unit. The participant admission and surveillance functions of the regulation division of LRRM have been transferred to the EBU, and the sponsor regulation function of the regulation division will be consolidated in the listing unit.

The new listing unit will be headed by Richard Williams, currently head of the listing division of LRRM. Williams will also succeed Lee as secretary to the board and the growth enterprise market listing committees.

The new structure will become effective next Monday (June 23).