TMX Group CEO Kloet to step down in August

March 18 Tue Mar 18, 2014 11:12am EDT

March 18 (Reuters) - TMX Group Ltd's Thomas Kloet is set to retire at the end of August after six years as head of the operator of the Toronto Stock Exchange, a period that included TMX's acquisition by a consortium of Canada's biggest banks and pension funds.

Kloet, a 30-year veteran of the exchange industry, will step down Aug. 31, the company said late on Monday.

He became chief executive officer of the former TMX Group Inc in 2008 and led the company through significant expansion including opening new offices in New York, London, Sydney and Beijing.

In early 2011, Kloet agreed to a friendly takeover by the London Stock Exchange Group in a multi-billion dollar deal that was eventually thwarted by a hostile rival bid for the operator of Canada's largest stock exchange, led by the Canadian consortium.

LSE and TMX, whose attempted tie-up came during a period of consolidation attempts by the world's top exchanges, scrapped their deal when it failed to win over shareholders.

Kloet eventually accepted the Canadian consortium's C$3.8 billion offer and became CEO of the new TMX Group Ltd in 2012. He guided its integration with the Canadian Depository for Securities Ltd and Alpha Exchange Inc, which were owned by members of the consortium.

Prior to that deal, Kloet led the integration of the Montreal Exchange, which was acquired in late 2007, into TMX.

Before joining TMX, Kloet was the first CEO of Singapore Exchange Ltd. He also had been a director of the Chicago Mercantile Exchange.

Kloet is currently the chairman of the Boston Options Exchange.

A search committee will look at internal and external candidates to succeed Kloet, TMX Group said.

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