Matthew Chamberlain, CEO of the London Metal Exchange (LME) and group head of Commodities, is to remain in his post.
Chamberlain, who announced his departure earlier this year, will now remain with the group, says an LME press statement. His decision allows him to drive forward the LME’s long-term development as the world’s leading trading, hedging and pricing centre for industrial metals.
Comment by Chamberlain
Chamberlain commented: “Events of recent weeks have brought into focus the importance of the LME and the metals markets. I want to continue to work with the team on supporting the long-term health and efficiency of the market and drive forward the sustainable development of our industry. We have only just begun to deliver the positive long-term enhancements to the metals market and we are committed to making LME an even more attractive and resilient market with more liquidity and more participation. I look forward to working closely in partnership with our members, our customers and all other stakeholders to make this happen.”
Gay Huey Evans, LME Chairman added: “The global metals industry continues to evolve, and Matt’s leadership will be vital as we drive forward LME’s strategy, look to introduce reforms that will further modernize and develop the market and continue to provide vital pricing, trading and hedging services for our customers. On behalf of the board of the LME, I am delighted that Matt has elected to remain with the LME to continue this important work.”
Further management news
Adrian Farnham, who deferred retirement to act as interim CEO while Chamberlain’s successor was identified, will return to his original plan and step down as CEO of LME Clear in July. He retires after a distinguished career spanning more than 30 years in financial markets and market infrastructure and nine years with the LME. Farnham joined LME Clear in 2013 as Chief Operating Officer, overseeing the building and eventually the day-to-day running of LME Clear. In January 2016, he was appointed LME Clear CEO and has since driven both the strategic development of the clearing house, while also leading the major technology refresh programme currently underway at the LME Group level. An announcement on his successor will be made in due course.
Finally, after more than eight years as LME Group CFO, Catherine Lester has decided to leave the LME to pursue interests outside the group. Tabitha Silverwood, the LME’s current acting CFO, will succeed Ms Lester with effect from 1 May. Ms Silverwood has been at the LME since 2014, first as head of External Reporting and then as head of Finance from January 2019.